Heard Capital LLC Purchases 22,260 Shares of Adobe Inc. (NASDAQ:ADBE)

Heard Capital LLC lifted its holdings in Adobe Inc. (NASDAQ:ADBE) by 6.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 375,915 shares of the software company’s stock after acquiring an additional 22,260 shares during the period. Adobe makes up approximately 10.9% of Heard Capital LLC’s portfolio, making the stock its biggest position. Heard Capital LLC owned approximately 0.09% of Adobe worth $194,641,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Piscataqua Savings Bank grew its holdings in Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in Adobe during the 3rd quarter valued at $30,000. True Wealth Design LLC increased its holdings in Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 34 shares in the last quarter. Summit Securities Group LLC bought a new position in Adobe during the second quarter valued at approximately $33,000. Finally, Lynx Investment Advisory bought a new stake in Adobe in the second quarter worth about $39,000. Institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the 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 directly owns 18,831 shares of the company’s stock, valued at $9,675,744.42. This represents a 7.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,187 shares of company stock worth $17,736,369. Company insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on ADBE. Oppenheimer restated an “outperform” rating and set a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. UBS Group reduced their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. Finally, Piper Sandler reiterated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Price Performance

Shares of Adobe stock opened at $516.20 on Tuesday. The business has a 50-day moving average price of $503.01 and a 200 day moving average price of $520.50. 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 firm has a market cap of $227.23 billion, a PE ratio of 43.60, a P/E/G ratio of 2.66 and a beta of 1.30. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the prior year, the business posted $3.26 earnings per share. Adobe’s revenue was up 10.6% compared to the same quarter last year. Sell-side analysts predict that Adobe Inc. will post 14.82 earnings per share for the current fiscal 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.