Promethos Capital LLC Has $4.11 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Promethos Capital LLC grew its stake in Adobe Inc. (NASDAQ:ADBE) by 234.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,405 shares of the software company’s stock after buying an additional 5,193 shares during the period. Adobe makes up approximately 1.5% of Promethos Capital LLC’s holdings, making the stock its 26th biggest position. Promethos Capital LLC’s holdings in Adobe were worth $4,114,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in ADBE. Steph & Co. raised its holdings in Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares during the period. International Assets Investment Management LLC increased 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 purchasing an additional 398 shares during the period. Choreo LLC lifted its position in shares of Adobe by 4.7% during the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after purchasing an additional 197 shares during the last quarter. Eagle Asset Management Inc. lifted its position in shares of Adobe by 14.7% during the 4th quarter. Eagle Asset Management Inc. now owns 24,400 shares of the software company’s stock worth $14,557,000 after purchasing an additional 3,120 shares during the last quarter. Finally, Quest Partners LLC boosted its stake in Adobe by 23.3% during the 2nd quarter. Quest Partners LLC now owns 588 shares of the software company’s stock valued at $327,000 after purchasing an additional 111 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insiders Place Their Bets

In other 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 sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction dated 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 in the company, valued at $1,579,186.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The disclosure for this sale can be found here. Insiders have sold a total of 33,759 shares of company stock valued at $18,205,903 in the last 90 days. 0.15% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on ADBE shares. Wells Fargo & Company upped their price target on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. Barclays upped their target price on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Morgan Stanley restated an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research report on Friday, September 13th. Argus raised shares of Adobe to a “strong-buy” rating in a research report on Monday. Finally, Citigroup lifted their target price on 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 issued a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Performance

NASDAQ:ADBE opened at $526.44 on Friday. The stock has a market capitalization 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. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The firm has a 50 day moving average of $549.91 and a 200-day moving average of $519.04.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. The firm 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 revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.26 EPS. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.69 EPS for the current fiscal year.

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.