Dark Forest Capital Management LP acquired a new position in Adobe Inc. (NASDAQ:ADBE – Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 1,234 shares of the software company’s stock, valued at approximately $686,000.
Several other large investors have also recently added to or reduced their stakes in ADBE. Tradewinds Capital Management LLC boosted its holdings in shares of Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares in the last quarter. Salomon & Ludwin LLC boosted its stake in Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares in the last quarter. Summit Securities Group LLC acquired a new position in shares of Adobe during the 2nd quarter valued at $33,000. Lynx Investment Advisory bought a new stake in shares of Adobe in the 2nd quarter worth $39,000. Finally, Hobbs Group Advisors LLC acquired a new stake in shares of Adobe in the second quarter valued at $39,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.
Adobe Trading Down 0.5 %
Shares of ADBE stock opened at $515.38 on Friday. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a market cap of $228.52 billion, a PE ratio of 46.31, a price-to-earnings-growth ratio of 2.72 and a beta of 1.29. The company has a quick ratio of 1.16, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The business’s 50 day moving average is $546.67 and its two-hundred day moving average is $517.98.
Wall Street Analyst Weigh In
A number of research analysts recently issued reports on ADBE shares. Piper Sandler Companies reaffirmed an “overweight” rating and set a $635.00 target price on shares of Adobe in a report on Friday, July 12th. Sanford C. Bernstein cut their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research note on Friday, September 13th. Bank of America restated a “buy” rating and issued a $640.00 price target on shares of Adobe in a research report on Friday, September 13th. KeyCorp raised their price objective on Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research note on Friday, June 14th. Finally, BMO Capital Markets upped their target price on 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 company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $606.40.
Check Out Our Latest Research Report on Adobe
Insider Activity at Adobe
In other news, CAO Mark S. Garfield sold 151 shares of the 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 sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the sale, the chief accounting officer now owns 2,797 shares in the company, valued at $1,579,186.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction 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 transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The disclosure for this sale can be found here. Insiders sold a total of 33,759 shares of company stock worth $17,642,653 in the last 90 days. 0.15% of the stock is owned by company insiders.
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.
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