Perpetual Ltd Has $87.86 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Perpetual Ltd decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 10.4% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 169,694 shares of the software company’s stock after selling 19,718 shares during the period. Perpetual Ltd’s holdings in Adobe were worth $87,864,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. Tradewinds Capital Management LLC lifted its holdings in shares of Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after buying an additional 40 shares in the last quarter. Salomon & Ludwin LLC grew its position in shares of Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $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 worth approximately $33,000. Steph & Co. increased its holdings in shares of Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the period. Finally, Lynx Investment Advisory acquired a new stake in shares of Adobe in the second quarter valued at approximately $39,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Down 0.4 %

Shares of ADBE stock opened at $494.08 on Thursday. The company has a market cap of $219.08 billion, a P/E ratio of 44.39, a PEG ratio of 2.72 and a beta of 1.29. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The stock has a 50 day simple moving average of $538.76 and a two-hundred day simple moving average of $515.91. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating 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 company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the previous year, the company earned $3.26 EPS. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. Research analysts forecast that Adobe Inc. will post 14.79 earnings per share for the current year.

Analysts Set New Price Targets

ADBE has been the topic of a number of recent research reports. Morgan Stanley restated an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research note on Friday, September 13th. Barclays boosted their price target on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Robert W. Baird raised their target price on shares of Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a report on Friday, June 14th. Piper Sandler Companies reiterated an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, July 12th. Finally, Oppenheimer reissued an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a research note on Friday, September 13th. Two 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 stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Buying and Selling

In other news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the stock in a transaction dated Tuesday, September 17th. The shares were 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 of the company’s stock, valued at approximately $10,740,738.72. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,759 shares of company stock worth $17,642,653 in the last ninety days. Corporate insiders own 0.15% of the company’s stock.

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.