HighVista Strategies LLC Invests $1.72 Million in Adobe Inc. (NASDAQ:ADBE)

HighVista Strategies LLC acquired a new stake in shares of Adobe Inc. (NASDAQ:ADBE) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 3,100 shares of the software company’s stock, valued at approximately $1,722,000.

Several other hedge funds also recently bought and sold shares of the business. Tradewinds Capital Management LLC grew 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 worth $28,000 after purchasing an additional 40 shares during the last quarter. Salomon & Ludwin LLC increased its position in shares of Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after acquiring an additional 45 shares during the period. Summit Securities Group LLC bought a new stake in shares of Adobe during the second quarter valued at approximately $33,000. Lynx Investment Advisory purchased a new stake in shares of Adobe in the second quarter valued at approximately $39,000. Finally, Hobbs Group Advisors LLC bought a new position in Adobe in the second quarter worth approximately $39,000. Institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Wells Fargo & Company upped their target price on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. Sanford C. Bernstein dropped their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. Evercore ISI reissued an “outperform” rating and set a $650.00 target price on shares of Adobe in a research report on Friday, June 7th. Argus raised shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Finally, Melius lowered shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective on the stock. in a report on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Insider Buying and Selling at Adobe

In related news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction dated 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 approximately $11,405,722.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Adobe news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction on Monday, July 15th. The shares were sold at an average price of $560.23, for a total transaction of $857,151.90. Following the sale, the executive vice president now owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. 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 over the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of Adobe stock opened at $522.30 on Monday. The firm has a market cap of $231.59 billion, a PE ratio of 46.93, a P/E/G ratio of 3.03 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 quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The business has a 50-day moving average price of $549.18 and a 200 day moving average price of $518.37.

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

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.