NS Partners Ltd Increases Stake in Adobe Inc. (NASDAQ:ADBE)

NS Partners Ltd lifted its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 2.0% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 69,830 shares of the software company's stock after purchasing an additional 1,380 shares during the quarter. Adobe comprises 1.5% of NS Partners Ltd's investment portfolio, making the stock its 21st biggest holding. NS Partners Ltd's holdings in Adobe were worth $36,157,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Piscataqua Savings Bank raised its stake in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company's stock valued at $25,000 after buying an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in Adobe during the third quarter valued at approximately $30,000. Summit Securities Group LLC bought a new position in Adobe in the second quarter worth approximately $33,000. Lynx Investment Advisory purchased a new position in shares of Adobe during the 2nd quarter worth $39,000. Finally, Hobbs Group Advisors LLC bought a new stake in shares of Adobe during the 2nd quarter valued at $39,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ADBE. Morgan Stanley reiterated an "overweight" rating and set a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. JMP Securities reiterated a "market perform" rating on shares of Adobe in a research note on Friday, September 13th. Piper Sandler reissued an "overweight" rating and issued a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Bank of America reaffirmed a "buy" rating and set a $640.00 price target on shares of Adobe in a report on Friday, September 13th. Finally, Stifel Nicolaus increased their price objective on shares of Adobe from $600.00 to $650.00 and gave the stock a "buy" rating in a research note on Friday, September 6th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $606.40.

Adobe Price Performance

Shares of NASDAQ ADBE traded up $0.37 during mid-day trading on Wednesday, hitting $499.98. 1,306,655 shares of the company's stock traded hands, compared to its average volume of 3,154,437. The company has a market capitalization of $220.09 billion, a P/E ratio of 42.20, a PEG ratio of 2.59 and a beta of 1.30. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The company's 50-day moving average is $506.89 and its two-hundred day moving average is $518.95.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period last year, the company earned $3.26 EPS. On average, equities analysts anticipate that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the sale, the executive vice president now directly owns 18,831 shares in the company, valued at approximately $9,675,744.42. This represents a 7.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the business's stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now owns 20,838 shares of the company's stock, valued at approximately $10,740,738.72. The trade was a 23.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock worth $17,736,369 over the last quarter. Insiders own 0.15% of the company's stock.

Adobe Company Profile

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.