Aljian Capital Management LLC Invests $1.13 Million in Adobe Inc. (NASDAQ:ADBE)

Aljian Capital Management LLC acquired a new stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 2,175 shares of the software company's stock, valued at approximately $1,126,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Onyx Bridge Wealth Group LLC grew its holdings in shares of Adobe by 3.9% during the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company's stock valued at $281,000 after acquiring an additional 19 shares in the last quarter. HTLF Bank lifted its position in shares of Adobe by 3.3% in the 2nd quarter. HTLF Bank now owns 588 shares of the software company's stock worth $327,000 after acquiring an additional 19 shares during the period. Commonwealth Financial Services LLC boosted its stake in Adobe by 3.7% during the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company's stock worth $309,000 after buying an additional 19 shares in the last quarter. Orrstown Financial Services Inc. increased its stake in Adobe by 0.9% in the second quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company's stock valued at $1,257,000 after acquiring an additional 20 shares during the period. Finally, Orser Capital Management LLC grew its stake in shares of Adobe by 0.3% in the 2nd quarter. Orser Capital Management LLC now owns 6,867 shares of the software company's stock valued at $3,815,000 after purchasing an additional 20 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.

Wall Street Analyst Weigh In

ADBE has been the subject of several analyst reports. Piper Sandler reissued an "overweight" rating and set a $635.00 price target on shares of Adobe in a report on Friday, September 13th. Morgan Stanley reiterated an "overweight" rating and issued a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. Sanford C. Bernstein reduced their price target on Adobe from $660.00 to $644.00 and set an "outperform" rating on the stock in a research report on Friday, September 13th. Argus upgraded shares of Adobe to a "strong-buy" rating in a report on Monday, September 16th. Finally, Bank of America reiterated a "buy" rating and set a $640.00 price objective on shares of Adobe in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Adobe currently has a consensus rating of "Moderate Buy" and an average price target of $606.40.

Insider Activity at Adobe

In other Adobe news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares of the company's stock, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares of the company's stock, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock worth $17,736,369 in the last quarter. 0.15% of the stock is owned by insiders.

Adobe Price Performance

Shares of Adobe stock traded down $3.86 during midday trading on Monday, hitting $499.51. 2,259,035 shares of the company traded hands, compared to its average volume of 3,167,711. The stock has a market cap of $219.88 billion, a price-to-earnings ratio of 42.19, a PEG ratio of 2.59 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The firm's fifty day moving average price is $508.38 and its 200-day moving average price is $518.85. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts' consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to analysts' expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe's revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company earned $3.26 EPS. As a group, sell-side analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current year.

Adobe 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.