Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Knuff & Co LLC

Knuff & Co LLC boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 3.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,114 shares of the software company’s stock after purchasing an additional 40 shares during the quarter. Knuff & Co LLC’s holdings in Adobe were worth $619,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ADBE. Vanguard Group Inc. raised its stake in Adobe by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after acquiring an additional 382,803 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Adobe by 17.6% during the 1st 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 in the last quarter. Norges Bank bought a new stake in Adobe during the 4th quarter valued at $3,277,785,000. Charles Schwab Investment Management Inc. raised its stake in Adobe by 2.6% during the 4th 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 acquiring an additional 66,180 shares in the last quarter. Finally, Concentrum Wealth Management raised its stake in Adobe by 11.3% during the 4th quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after acquiring an additional 244,008 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on ADBE shares. Piper Sandler Companies reissued an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday, July 12th. BMO Capital Markets boosted their price objective on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research note on Friday, June 14th. TD Cowen dropped their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research note on Monday, June 10th. Wells Fargo & Company boosted their price objective on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Finally, JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $570.00 to $580.00 in a research note on Friday, June 14th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $601.38.

Adobe Stock Performance

Adobe stock traded up $4.78 during trading hours on Monday, hitting $574.41. The stock had a trading volume of 1,982,900 shares, compared to its average volume of 3,201,662. The company has a 50-day moving average of $550.32 and a two-hundred day moving average of $518.47. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a market cap of $254.69 billion, a PE ratio of 51.61, a price-to-earnings-growth ratio of 3.00 and a beta of 1.30. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data 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. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same period in the prior year, the company posted $3.04 EPS. The company’s revenue was up 10.2% compared to the same quarter last year. On average, equities research analysts anticipate that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the sale, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,579,186.20. The disclosure for this sale can be found here. Insiders have sold a total of 27,523 shares of company stock worth $14,994,277 in the last three months. 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.