Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Capital World Investors

Capital World Investors increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 47.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 170,117 shares of the software company’s stock after buying an additional 54,866 shares during the quarter. Capital World Investors’ holdings in Adobe were worth $85,841,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Tradewinds Capital Management LLC raised its position in Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after buying an additional 40 shares during the last quarter. Salomon & Ludwin LLC raised its holdings in shares of Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the last quarter. Wetzel Investment Advisors Inc. acquired a new position in Adobe during the fourth quarter valued at $35,000. Steph & Co. boosted its holdings in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares during the last quarter. Finally, LifeSteps Financial Inc. purchased a new position in shares of Adobe during the 1st quarter valued at about $47,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Price Performance

NASDAQ:ADBE opened at $542.44 on Friday. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The stock has a market cap of $240.52 billion, a PE ratio of 48.74, a P/E/G ratio of 2.83 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The stock has a 50 day moving average price of $516.90 and a 200 day moving average price of $530.38.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The business had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period last year, the company earned $3.04 EPS. Equities research analysts expect that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on ADBE shares. JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $570.00 to $580.00 in a research note on Friday, June 14th. Citigroup dropped their price objective on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a research note on Monday, June 10th. Wells Fargo & Company boosted their target price on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. Piper Sandler Companies reissued an “overweight” rating and set a $635.00 price target on shares of Adobe in a report on Friday, July 12th. Finally, TD Cowen cut their price objective on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $603.33.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the sale, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,579,186.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Adobe news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Mark S. Garfield sold 151 shares of the stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The disclosure for this sale can be found here. Insiders have sold 30,236 shares of company stock worth $16,281,053 in the last ninety days. 0.15% of the stock is owned by insiders.

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.