Susquehanna Fundamental Investments LLC Invests $44 Million in Adobe Inc. (NASDAQ:ADBE)

Susquehanna Fundamental Investments LLC bought a new position in shares of Adobe Inc. (NASDAQ:ADBE) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 79,205 shares of the software company’s stock, valued at approximately $44,002,000. Adobe accounts for about 1.0% of Susquehanna Fundamental Investments LLC’s holdings, making the stock its 3rd largest holding.

Several other hedge funds have also made changes to their positions in ADBE. Onyx Bridge Wealth Group LLC increased its stake in Adobe by 3.9% during the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after buying an additional 19 shares during the period. HTLF Bank increased its stake in Adobe by 3.3% during the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after buying an additional 19 shares during the period. Commonwealth Financial Services LLC increased its stake in Adobe by 3.7% during the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after buying an additional 19 shares during the period. Visionary Wealth Advisors increased its position in shares of Adobe by 1.0% in the 4th quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock worth $1,171,000 after purchasing an additional 20 shares during the last quarter. Finally, Orrstown Financial Services Inc. increased its position in shares of Adobe by 0.9% in the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock worth $1,257,000 after purchasing an additional 20 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Up 0.0 %

Shares of NASDAQ:ADBE opened at $515.48 on Friday. The company has a 50 day moving average of $545.13 and a 200-day moving average of $517.65. The firm has a market cap of $228.56 billion, a P/E ratio of 46.31, a P/E/G ratio of 2.72 and a beta of 1.29. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a current ratio of 1.11, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the business posted $3.26 EPS. As a group, analysts anticipate that Adobe Inc. will post 14.79 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The shares were 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 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 available at this hyperlink. In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The disclosure for this sale can be found here. In the last three months, insiders sold 33,759 shares of company stock valued at $17,642,653. Company insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several research analyst reports. Citigroup boosted their target price on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Sanford C. Bernstein dropped their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. Melius Research reissued a “hold” rating and issued a $510.00 target price on shares of Adobe in a research report on Monday, June 10th. Piper Sandler reissued an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. Finally, Wells Fargo & Company boosted their target price on shares of Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Company 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.