ICICI Prudential Asset Management Co Ltd Boosts Holdings in Adobe Inc. (NASDAQ:ADBE)

ICICI Prudential Asset Management Co Ltd boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 7.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 29,745 shares of the software company’s stock after purchasing an additional 2,005 shares during the period. Adobe comprises about 1.6% of ICICI Prudential Asset Management Co Ltd’s investment portfolio, making the stock its 10th biggest position. ICICI Prudential Asset Management Co Ltd’s holdings in Adobe were worth $15,401,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Onyx Bridge Wealth Group LLC boosted its position in Adobe by 3.9% in the second quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after buying an additional 19 shares in the last quarter. HTLF Bank boosted its holdings in shares of Adobe by 3.3% during the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after acquiring an additional 19 shares in the last quarter. Commonwealth Financial Services LLC grew its position in Adobe by 3.7% during the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after acquiring an additional 19 shares during the last quarter. Orrstown Financial Services Inc. increased its holdings in Adobe by 0.9% in the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock worth $1,257,000 after purchasing an additional 20 shares in the last quarter. Finally, Orser Capital Management LLC increased its holdings in Adobe by 0.3% in the 2nd quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock worth $3,815,000 after purchasing an additional 20 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ADBE. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Citigroup boosted their target price on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Barclays lifted their price target on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Bank of America reaffirmed a “buy” rating and set a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research 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. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Stock Up 0.6 %

Shares of NASDAQ:ADBE traded up $3.13 during mid-day trading on Wednesday, hitting $529.55. 796,423 shares of the company traded hands, compared to its average volume of 3,153,797. The stock has a 50-day moving average price of $512.61 and a two-hundred day moving average price of $517.56. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The stock has a market cap of $233.11 billion, a P/E ratio of 44.46, a P/E/G ratio of 2.60 and a beta of 1.30. 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 earnings results 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. Adobe had a net margin of 25.59% and a return on equity of 42.82%. 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 prior year, the business posted $3.26 EPS. The business’s revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. 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. In other news, CFO Daniel Durn sold 6,500 shares of the firm’s 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 completion of the sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock valued at $17,736,369 in the last 90 days. 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.