Sienna Gestion Raises Stake in Adobe Inc. (NASDAQ:ADBE)

Sienna Gestion boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 21,434 shares of the software company’s stock after buying an additional 185 shares during the quarter. Adobe accounts for about 1.1% of Sienna Gestion’s portfolio, making the stock its 20th largest holding. Sienna Gestion’s holdings in Adobe were worth $11,902,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Wellington Management Group LLP boosted its position in Adobe by 1,213.5% in the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after purchasing an additional 1,870,307 shares in the last quarter. Swedbank AB acquired a new stake in Adobe during the first quarter valued at $621,179,000. Price T Rowe Associates Inc. MD increased its holdings 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 buying an additional 1,146,718 shares in the last quarter. BlueSpruce Investments LP raised its position in shares of Adobe by 81.1% in the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after acquiring an additional 575,675 shares during the period. Finally, Liberty Wealth Management LLC boosted its stake in shares of Adobe by 55,496.6% during the 2nd quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock worth $318,127,000 after acquiring an additional 571,615 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,579,186.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Adobe 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 value of $85,254.60. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction 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 sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,501,989. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,259 shares of company stock valued at $14,855,543. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of recent analyst reports. UBS Group lowered their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Piper Sandler Companies restated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, July 12th. TD Cowen dropped their target price on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday, June 10th. Evercore ISI restated an “outperform” rating and set a $650.00 price target on shares of Adobe in a research report on Friday, June 7th. Finally, Melius cut Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective on the stock. in a report on Monday, June 10th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $606.58.

Adobe Stock Performance

NASDAQ:ADBE opened at $508.13 on Thursday. The stock has a market capitalization of $225.30 billion, a P/E ratio of 45.65, a PEG ratio of 3.03 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a 50 day moving average price of $550.53 and a 200 day moving average price of $518.99.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the previous year, the firm posted $3.26 earnings per share. The company’s revenue was up 10.6% on a year-over-year basis. Equities research analysts forecast that Adobe Inc. will post 14.69 EPS for the current year.

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.