Overbrook Management Corp cut its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 61.4% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,084 shares of the software company's stock after selling 8,090 shares during the period. Adobe makes up 0.6% of Overbrook Management Corp's investment portfolio, making the stock its 28th biggest holding. Overbrook Management Corp's holdings in Adobe were worth $2,632,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of the business. Price T Rowe Associates Inc. MD boosted its holdings in Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company's stock worth $3,857,189,000 after purchasing an additional 1,146,718 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Adobe by 0.6% during the second quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company's stock valued at $1,097,475,000 after acquiring an additional 12,065 shares during the period. Clearbridge Investments LLC boosted its holdings in Adobe by 0.8% during the second quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company's stock valued at $1,097,044,000 after acquiring an additional 15,685 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Adobe by 12.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,702,535 shares of the software company's stock valued at $945,780,000 after acquiring an additional 185,737 shares during the period. Finally, International Assets Investment Management LLC boosted its holdings in Adobe by 66,909.7% during the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company's stock valued at $713,703,000 after acquiring an additional 1,376,333 shares during the period. 81.79% of the stock is currently owned by institutional investors.
Adobe Stock Performance
NASDAQ ADBE opened at $499.50 on Thursday. The firm 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 50 day moving average of $505.27 and a 200-day moving average of $518.81. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25.
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 for the quarter, topping the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company's revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the business posted $3.26 earnings per share. On average, equities analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.
Analysts Set New Price Targets
A number of equities research analysts have issued reports on the stock. StockNews.com upgraded shares of Adobe from a "hold" rating to a "buy" rating in a report on Friday, September 13th. Piper Sandler restated an "overweight" rating and set a $635.00 price target on shares of Adobe in a report on Friday, September 13th. Sanford C. Bernstein decreased their price target on shares of Adobe from $660.00 to $644.00 and set an "outperform" rating for the company in a report on Friday, September 13th. Citigroup increased their target price on shares of Adobe from $550.00 to $621.00 and gave the company a "neutral" rating in a research note on Wednesday, September 11th. Finally, Barclays increased their target price on shares of Adobe from $650.00 to $675.00 and gave the company an "overweight" rating in a research note on Wednesday, September 4th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $606.40.
Read Our Latest Stock Analysis on ADBE
Insider Transactions at Adobe
In related news, CEO Shantanu Narayen sold 25,000 shares of the firm's stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares of the company's stock, valued at $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 481 shares of the firm's stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction 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. This represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,187 shares of company stock valued at $17,736,369. Corporate insiders own 0.15% of the company's stock.
About Adobe
(
Free Report)
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.
See Also
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