Sawgrass Asset Management LLC Acquires 10,947 Shares of Adobe Inc. (NASDAQ:ADBE)

Sawgrass Asset Management LLC raised its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 58.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 29,721 shares of the software company's stock after buying an additional 10,947 shares during the quarter. Adobe comprises 1.6% of Sawgrass Asset Management LLC's portfolio, making the stock its 16th largest holding. Sawgrass Asset Management LLC's holdings in Adobe were worth $15,389,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Edgestream Partners L.P. boosted its position in shares of Adobe by 113.0% during the 1st quarter. Edgestream Partners L.P. now owns 6,502 shares of the software company's stock valued at $3,281,000 after acquiring an additional 3,449 shares during the last quarter. Catalytic Wealth RIA LLC lifted its position in Adobe by 98.6% during the first quarter. Catalytic Wealth RIA LLC now owns 1,245 shares of the software company's stock valued at $628,000 after purchasing an additional 618 shares during the last quarter. Covestor Ltd grew its stake in Adobe by 50.0% in the 1st quarter. Covestor Ltd now owns 516 shares of the software company's stock worth $261,000 after buying an additional 172 shares in the last quarter. Penobscot Investment Management Company Inc. increased its holdings in shares of Adobe by 0.6% in the 1st quarter. Penobscot Investment Management Company Inc. now owns 14,084 shares of the software company's stock worth $7,107,000 after buying an additional 90 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC increased its holdings in shares of Adobe by 6.4% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 64,784 shares of the software company's stock worth $32,690,000 after buying an additional 3,899 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on ADBE shares. Oppenheimer reiterated an "outperform" rating and issued a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Royal Bank of Canada reiterated an "outperform" rating and issued a $610.00 price objective on shares of Adobe in a report on Tuesday, October 15th. JMP Securities reiterated a "market perform" rating on shares of Adobe in a research report on Friday, September 13th. Piper Sandler restated an "overweight" rating and issued a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. Finally, Argus raised Adobe to a "strong-buy" rating in a research note on Monday, September 16th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $606.40.

Adobe Stock Down 5.0 %

Shares of NASDAQ:ADBE traded down $26.50 on Friday, hitting $503.37. 4,612,417 shares of the company traded hands, compared to its average volume of 2,591,010. The stock has a 50 day simple moving average of $509.79 and a 200-day simple moving average of $518.35. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a market cap of $221.58 billion, a PE ratio of 42.51, a PEG ratio of 2.59 and a beta of 1.30. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25.

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

Insider Transactions at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business's stock in a transaction 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 sale, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. The trade was a 6.53 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 1,530 shares of the firm's stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the transaction, the executive vice president now owns 18,831 shares of the company's stock, valued at approximately $9,675,744.42. The trade was a 7.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock valued at $17,736,369 over the last 90 days. Company 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.