Adobe Inc. (NASDAQ:ADBE) Stake Boosted by Heard Capital LLC

Heard Capital LLC grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 6.3% in the third quarter, Holdings Channel reports. The institutional investor owned 375,915 shares of the software company’s stock after acquiring an additional 22,260 shares during the quarter. Adobe accounts for 10.9% of Heard Capital LLC’s holdings, making the stock its largest holding. Heard Capital LLC’s holdings in Adobe were worth $194,641,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in ADBE. Piscataqua Savings Bank raised its stake in Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in Adobe during the 3rd quarter worth approximately $30,000. True Wealth Design LLC boosted its stake in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares during the period. Summit Securities Group LLC bought a new position in shares of Adobe in the second quarter valued at approximately $33,000. Finally, Lynx Investment Advisory acquired a new stake in shares of Adobe during the second quarter valued at approximately $39,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ADBE has been the subject of several recent research reports. Argus upgraded shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Citigroup lifted their price target on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Finally, Bank of America restated a “buy” rating and issued a $640.00 price objective on shares of Adobe in a report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Adobe has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Up 0.1 %

Shares of ADBE stock opened at $516.20 on Tuesday. The stock has a fifty day moving average price of $503.01 and a 200 day moving average price of $520.50. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The stock has a market cap of $227.23 billion, a P/E ratio of 43.60, a price-to-earnings-growth ratio of 2.66 and a beta of 1.30.

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, topping 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 net margin of 25.59% and a return on equity of 42.82%. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the business posted $3.26 earnings per share. Analysts predict that Adobe Inc. will post 14.82 earnings per share for the current year.

Insider Buying and Selling at Adobe

In other Adobe news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction that occurred on 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 transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The trade was a 23.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock valued at $17,736,369 in the last three months. Company insiders own 0.15% of the company’s stock.

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.