Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Intech Investment Management LLC

Intech Investment Management LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 20.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 41,818 shares of the software company’s stock after acquiring an additional 6,985 shares during the period. Intech Investment Management LLC’s holdings in Adobe were worth $23,232,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Resolute Capital Asset Partners LLC acquired a new position in Adobe during the second quarter worth about $3,055,000. Middleton & Co. Inc. MA grew its holdings in Adobe by 10.6% during the second quarter. Middleton & Co. Inc. MA now owns 20,623 shares of the software company’s stock worth $11,457,000 after acquiring an additional 1,970 shares during the period. Sienna Gestion grew its holdings in Adobe by 0.9% during the second quarter. Sienna Gestion now owns 21,434 shares of the software company’s stock worth $11,902,000 after acquiring an additional 185 shares during the period. CCLA Investment Management grew its holdings in Adobe by 29.3% during the second quarter. CCLA Investment Management now owns 256,448 shares of the software company’s stock worth $140,326,000 after acquiring an additional 58,173 shares during the period. Finally, Waterloo Capital L.P. increased its stake in Adobe by 6.4% in the 2nd quarter. Waterloo Capital L.P. now owns 4,106 shares of the software company’s stock worth $2,281,000 after purchasing an additional 246 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Up 3.6 %

ADBE opened at $526.44 on Friday. The business has a 50 day moving average price of $549.91 and a 200 day moving average price of $519.04. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The firm has a market cap of $233.42 billion, a P/E ratio of 47.30, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29.

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on ADBE shares. KeyCorp lifted their price target on Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research note on Friday, June 14th. Argus raised Adobe to a “strong-buy” rating in a research note on Monday. Citigroup lifted their price target on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Evercore ISI reissued an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research note on Friday, June 7th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research note on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Insider Buying and Selling

In related news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Adobe news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,759 shares of company stock worth $18,205,903. 0.15% of the stock is currently owned by insiders.

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.