Altman Advisors Inc. Makes New Investment in Adobe Inc. (NASDAQ:ADBE)

Altman Advisors Inc. acquired a new stake in shares of Adobe Inc. (NASDAQ:ADBE) during the third quarter, according to its most recent disclosure with the SEC. The fund acquired 3,253 shares of the software company’s stock, valued at approximately $1,684,000.

A number of other hedge funds also recently made changes to their positions in the stock. Bessemer Group Inc. increased its stake in shares of Adobe by 47.9% in the first quarter. Bessemer Group Inc. now owns 33,346 shares of the software company’s stock worth $16,827,000 after purchasing an additional 10,793 shares in the last quarter. Carlson Capital L P purchased a new stake in Adobe in the 1st quarter worth $5,626,000. EP Wealth Advisors LLC raised its holdings in Adobe by 0.8% during the first quarter. EP Wealth Advisors LLC now owns 8,583 shares of the software company’s stock valued at $4,331,000 after acquiring an additional 71 shares during the period. Axxcess Wealth Management LLC lifted its position in shares of Adobe by 4.6% in the first quarter. Axxcess Wealth Management LLC now owns 20,884 shares of the software company’s stock valued at $10,538,000 after acquiring an additional 910 shares in the last quarter. Finally, Advisors Asset Management Inc. boosted its position in shares of Adobe by 17.3% during the first quarter. Advisors Asset Management Inc. now owns 18,571 shares of the software company’s stock worth $9,371,000 after acquiring an additional 2,734 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ADBE has been the topic of several research analyst reports. Barclays boosted their price target on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Bank of America reiterated a “buy” rating and issued a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. Morgan Stanley restated an “overweight” rating and set a $660.00 price target on shares of Adobe in a report on Friday, September 13th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Finally, Citigroup raised their target price on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Trading Up 0.9 %

Shares of ADBE opened at $504.08 on Wednesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization of $221.90 billion, a price-to-earnings ratio of 42.20, a PEG ratio of 2.59 and a beta of 1.30. The company has a 50-day moving average of $506.89 and a 200 day moving average of $518.95. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly 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 return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the previous year, the business earned $3.26 earnings per share. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. On average, research analysts expect that Adobe Inc. will post 14.82 EPS for the current year.

Insider Transactions at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were 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 owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 19.94 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is currently owned by corporate insiders.

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.