Massachusetts Institute of Technology Invests $1.78 Million in Adobe Inc. (NASDAQ:ADBE)

Massachusetts Institute of Technology bought a new position in shares of Adobe Inc. (NASDAQ:ADBE) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 3,200 shares of the software company’s stock, valued at approximately $1,778,000. Adobe makes up 0.3% of Massachusetts Institute of Technology’s holdings, making the stock its 3rd biggest position.

Other hedge funds and other institutional investors also recently modified their holdings of the company. AE Wealth Management LLC raised its holdings in shares of Adobe by 339.0% during the 2nd quarter. AE Wealth Management LLC now owns 43,164 shares of the software company’s stock valued at $23,979,000 after buying an additional 33,331 shares in the last quarter. Hollencrest Capital Management grew its position in Adobe by 0.9% during the second quarter. Hollencrest Capital Management now owns 6,356 shares of the software company’s stock valued at $3,531,000 after acquiring an additional 58 shares during the last quarter. Bridges Investment Management Inc. raised its stake in shares of Adobe by 117.6% during the second quarter. Bridges Investment Management Inc. now owns 144,718 shares of the software company’s stock worth $80,397,000 after acquiring an additional 78,213 shares in the last quarter. Callan Capital LLC lifted its holdings in shares of Adobe by 11.9% in the 2nd quarter. Callan Capital LLC now owns 2,859 shares of the software company’s stock worth $1,588,000 after acquiring an additional 305 shares during the last quarter. Finally, Promethos Capital LLC boosted its stake in shares of Adobe by 234.8% in the 2nd quarter. Promethos Capital LLC now owns 7,405 shares of the software company’s stock valued at $4,114,000 after purchasing an additional 5,193 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the 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 completion of the sale, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,501,989. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The disclosure for this sale can be found here. Insiders sold a total of 33,759 shares of company stock valued at $18,205,903 over the last three months. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Up 3.6 %

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

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

Analyst Ratings Changes

A number of brokerages recently commented on ADBE. Robert W. Baird lifted their target price on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research report on Friday, June 14th. Melius Research restated a “hold” rating and set a $510.00 price target on shares of Adobe in a research report on Monday, June 10th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research note on Friday, July 12th. Citigroup boosted their price target on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Finally, BMO Capital Markets lifted their price target on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a report on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $606.40.

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.