Investment Research & Advisory Group Inc. Increases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Investment Research & Advisory Group Inc. grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 6.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,733 shares of the software company’s stock after buying an additional 278 shares during the period. Investment Research & Advisory Group Inc.’s holdings in Adobe were worth $2,451,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. International Assets Investment Management LLC grew its holdings in Adobe by 66,909.7% in the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after purchasing an additional 1,376,333 shares during the period. Swedbank AB bought a new stake in shares of Adobe in the 1st quarter worth approximately $621,179,000. Longview Partners Guernsey LTD purchased a new stake in shares of Adobe in the 2nd quarter worth approximately $663,745,000. Price T Rowe Associates Inc. MD increased its position in Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after buying an additional 1,146,718 shares in the last quarter. Finally, BlueSpruce Investments LP raised its stake in Adobe by 81.1% during the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after buying an additional 575,675 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Down 0.4 %

Shares of ADBE stock opened at $482.87 on Friday. The company has a 50 day simple moving average of $532.85 and a two-hundred day simple moving average of $515.83. The stock has a market cap of $214.10 billion, a P/E ratio of 43.38, a P/E/G ratio of 2.55 and a beta of 1.29. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 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 analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the business posted $3.26 EPS. On average, research analysts expect that Adobe Inc. will post 14.8 earnings per share for the current year.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the transaction, the executive vice president now directly owns 18,831 shares in the company, valued at approximately $9,675,744.42. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the transaction, the executive vice president now directly owns 18,831 shares in the company, valued at approximately $9,675,744.42. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,030 shares of company stock valued at $17,176,005 over the last quarter. 0.15% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Oppenheimer restated an “outperform” rating and set a $625.00 price target on shares of Adobe in a report on Friday, September 13th. UBS Group reduced their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. 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 research note on Friday, September 13th. Stifel Nicolaus raised their price target on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Finally, Piper Sandler Companies restated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, July 12th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

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.