Covea Finance lowered its stake in Adobe Inc. (NASDAQ:ADBE – Get Rating) by 34.1% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 19,101 shares of the software company’s stock after selling 9,894 shares during the quarter. Covea Finance’s holdings in Adobe were worth $7,361,000 as of its most recent filing with the SEC.
Other large investors have also recently bought and sold shares of the company. Integrated Investment Consultants LLC increased its position in Adobe by 9.3% during the 3rd quarter. Integrated Investment Consultants LLC now owns 881 shares of the software company’s stock worth $242,000 after purchasing an additional 75 shares in the last quarter. Vident Investment Advisory LLC boosted its stake in shares of Adobe by 585.8% during the 4th quarter. Vident Investment Advisory LLC now owns 70,198 shares of the software company’s stock worth $23,624,000 after purchasing an additional 59,962 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Adobe by 57.3% during the third quarter. Price T Rowe Associates Inc. MD now owns 1,323,561 shares of the software company’s stock worth $364,245,000 after buying an additional 482,400 shares in the last quarter. M&G Investment Management Ltd. raised its position in shares of Adobe by 7,370.9% in the fourth quarter. M&G Investment Management Ltd. now owns 85,094 shares of the software company’s stock valued at $28,677,000 after buying an additional 83,955 shares during the last quarter. Finally, Bridgefront Capital LLC purchased a new position in shares of Adobe during the third quarter valued at approximately $225,000. Institutional investors and hedge funds own 79.41% of the company’s stock.
Insider Transactions at Adobe
In other Adobe news, CEO Shantanu Narayen sold 35,000 shares of the stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $478.03, for a total transaction of $16,731,050.00. Following the transaction, the chief executive officer now directly owns 403,352 shares in the company, valued at approximately $192,814,356.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Shantanu Narayen sold 35,000 shares of the business’s stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $478.03, for a total value of $16,731,050.00. Following the completion of the sale, the chief executive officer now directly owns 403,352 shares of the company’s stock, valued at $192,814,356.56. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John E. Warnock sold 3,000 shares of Adobe stock in a transaction that occurred on Wednesday, April 26th. The stock was sold at an average price of $364.43, for a total value of $1,093,290.00. Following the completion of the transaction, the director now owns 375,965 shares of the company’s stock, valued at approximately $137,012,924.95. The disclosure for this sale can be found here. Over the last quarter, insiders sold 47,272 shares of company stock valued at $21,895,444. 0.24% of the stock is currently owned by corporate insiders.
Adobe Stock Up 1.5 %
Shares of Adobe stock opened at $484.72 on Friday. Adobe Inc. has a 1-year low of $274.73 and a 1-year high of $518.74. The company has a market capitalization of $222.34 billion, a PE ratio of 46.25, a P/E/G ratio of 2.92 and a beta of 1.30. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.16 and a quick ratio of 1.12. The business has a 50-day moving average of $401.19 and a 200-day moving average of $370.31.
Adobe (NASDAQ:ADBE – Get Rating) last issued its quarterly earnings results on Thursday, June 15th. The software company reported $3.91 EPS for the quarter, beating analysts’ consensus estimates of $3.79 by $0.12. Adobe had a return on equity of 36.84% and a net margin of 26.34%. The firm had revenue of $4.82 billion during the quarter, compared to the consensus estimate of $4.77 billion. During the same quarter in the prior year, the business posted $2.70 earnings per share. Adobe’s revenue for the quarter was up 9.8% on a year-over-year basis. As a group, equities analysts forecast that Adobe Inc. will post 12.53 EPS for the current fiscal year.
Analysts Set New Price Targets
Several research analysts have weighed in on ADBE shares. Jefferies Financial Group boosted their price target on Adobe from $440.00 to $530.00 in a report on Monday, June 12th. Piper Sandler upped their target price on Adobe from $500.00 to $572.00 in a research note on Friday, June 16th. Sanford C. Bernstein increased their target price on Adobe from $431.00 to $585.00 in a research report on Monday, June 19th. 888 restated a “maintains” rating on shares of Adobe in a report on Friday, June 16th. Finally, Robert W. Baird increased their price objective on shares of Adobe from $370.00 to $500.00 in a report on Friday, June 16th. Fourteen equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $511.19.
Adobe 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.