Troy Asset Management Ltd Acquires 18,366 Shares of Adobe Inc. (NASDAQ:ADBE)

Troy Asset Management Ltd raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 57.1% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 50,526 shares of the software company’s stock after purchasing an additional 18,366 shares during the quarter. Adobe makes up about 0.9% of Troy Asset Management Ltd’s investment portfolio, making the stock its 25th largest position. Troy Asset Management Ltd’s holdings in Adobe were worth $28,069,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Steph & Co. raised its holdings in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares during the last quarter. International Assets Investment Management LLC raised its stake in shares of Adobe by 16.2% in the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after acquiring an additional 398 shares during the last quarter. Choreo LLC lifted its position in shares of Adobe by 4.7% during the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after purchasing an additional 197 shares in the last quarter. Fairscale Capital LLC bought a new stake in shares of Adobe during the second quarter valued at approximately $1,318,000. Finally, Daymark Wealth Partners LLC increased its holdings in shares of Adobe by 89.8% in the second quarter. Daymark Wealth Partners LLC now owns 9,118 shares of the software company’s stock valued at $5,065,000 after purchasing an additional 4,315 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the topic of several research reports. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price objective on shares of Adobe in a report on Friday, June 7th. BMO Capital Markets raised their price target on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a report on Friday, June 14th. Wells Fargo & Company lifted their price objective on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. Melius Research restated a “hold” rating and set a $510.00 target price on shares of Adobe in a research report on Monday, June 10th. Finally, Citigroup lifted their price target 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. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Performance

Shares of ADBE opened at $517.78 on Tuesday. The firm has a market cap of $229.58 billion, a P/E ratio of 46.52, a PEG 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 debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.11. The firm’s 50 day moving average price is $544.38 and its two-hundred day moving average price is $516.45.

Adobe (NASDAQ:ADBE) last announced its 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. Adobe had a net margin of 25.59% and a return on equity of 42.82%. 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 prior year, the business earned $3.26 EPS. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, analysts forecast that Adobe Inc. will post 14.79 EPS for the current fiscal year.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the sale, the executive vice president now owns 20,359 shares in the company, valued at approximately $11,405,722.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated Wednesday, September 25th. The stock was 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 owns 357,700 shares of the company’s stock, valued at $186,569,166. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the transaction, the executive vice president now directly owns 20,359 shares of the company’s stock, valued at $11,405,722.57. The disclosure for this sale can be found here. Over the last three months, insiders sold 33,759 shares of company stock worth $17,642,653. 0.15% of the stock is owned by corporate 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.