ARK Investment Management LLC Buys Shares of 76 Adobe Inc. (NASDAQ:ADBE)

ARK Investment Management LLC bought a new position in Adobe Inc. (NASDAQ:ADBE) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 76 shares of the software company’s stock, valued at approximately $42,000.

A number of other large investors have also recently added to or reduced their stakes in ADBE. Vanguard Group Inc. boosted its stake in Adobe by 1.0% during the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after buying an additional 382,803 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake 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 valued at $3,857,189,000 after acquiring an additional 1,146,718 shares during the period. Norges Bank acquired a new position in Adobe in the fourth quarter worth about $3,277,785,000. Fisher Asset Management LLC lifted its stake in Adobe by 0.4% during the fourth quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock worth $2,720,548,000 after purchasing an additional 16,379 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Adobe by 2.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,602,297 shares of the software company’s stock valued at $1,552,530,000 after purchasing an additional 66,180 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on ADBE. Piper Sandler Companies restated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research note on Friday, July 12th. Barclays boosted their price target on Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a report on Friday, June 14th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. Piper Sandler decreased their price objective on Adobe from $700.00 to $635.00 and set an “overweight” rating for the company in a report on Friday, July 12th. Finally, BMO Capital Markets upped their target price on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $601.38.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the transaction, the chief accounting officer now owns 2,740 shares in the company, valued at $1,439,897.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The disclosure for this sale can be found here. Insiders have sold 27,523 shares of company stock valued at $14,994,277 over the last ninety days. 0.15% of the stock is owned by insiders.

Adobe Trading Up 1.6 %

Adobe stock traded up $8.94 during mid-day trading on Tuesday, hitting $568.38. The company’s stock had a trading volume of 884,372 shares, compared to its average volume of 3,225,037. The business has a 50 day moving average price of $546.89 and a 200-day moving average price of $519.69. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The stock has a market cap of $252.02 billion, a price-to-earnings ratio of 50.26, a price-to-earnings-growth ratio of 2.85 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.39 by $0.09. The company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the firm earned $3.04 earnings per share. As a group, analysts forecast that Adobe Inc. will post 14.69 EPS for the current year.

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.