Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Strategy Asset Managers LLC

Strategy Asset Managers LLC grew its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 100.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,057 shares of the software company's stock after purchasing an additional 1,030 shares during the period. Strategy Asset Managers LLC's holdings in Adobe were worth $1,065,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ADBE. Price T Rowe Associates Inc. MD boosted its stake in shares of Adobe by 17.6% in the 1st 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 buying an additional 1,146,718 shares during the last quarter. Principal Financial Group Inc. raised its position in Adobe by 0.6% in the second quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company's stock worth $1,097,475,000 after acquiring an additional 12,065 shares during the period. Clearbridge Investments LLC raised its holdings in shares of Adobe by 0.8% in the 2nd quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company's stock worth $1,097,044,000 after purchasing an additional 15,685 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Adobe by 12.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,702,535 shares of the software company's stock valued at $945,780,000 after buying an additional 185,737 shares during the last quarter. Finally, International Assets Investment Management LLC grew its stake in shares of Adobe by 66,909.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company's stock worth $713,703,000 after acquiring an additional 1,376,333 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Citigroup boosted their price target on shares of Adobe from $550.00 to $621.00 and gave the company a "neutral" rating in a research report on Wednesday, September 11th. Piper Sandler reiterated an "overweight" rating and issued a $635.00 target price on shares of Adobe in a research note on Friday, September 13th. StockNews.com upgraded shares of Adobe from a "hold" rating to a "buy" rating in a research report on Friday, September 13th. JMP Securities restated a "market perform" rating on shares of Adobe in a research report on Friday, September 13th. Finally, Barclays increased their price objective on Adobe from $650.00 to $675.00 and gave the company an "overweight" rating in a research report on Wednesday, September 4th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Adobe has an average rating of "Moderate Buy" and an average price target of $606.40.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Jillian Forusz sold 676 shares of the business's stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. The trade was a 19.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares of the company's stock, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. 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 in the last three months. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded down $3.77 during trading on Wednesday, hitting $495.84. 956,399 shares of the stock traded hands, compared to its average volume of 3,152,880. The company has a fifty day moving average price of $506.89 and a two-hundred day moving average price of $518.95. The company has a market cap of $218.27 billion, a price-to-earnings ratio of 42.20, a P/E/G 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. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data 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 the consensus estimate of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. Adobe's quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.26 EPS. As a group, equities analysts predict that Adobe Inc. will post 14.82 EPS for the current year.

About Adobe

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.