Smith Anglin Financial LLC Increases Stake in Adobe Inc. (NASDAQ:ADBE)

Smith Anglin Financial LLC grew its position in Adobe Inc. (NASDAQ:ADBE) by 6.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 657 shares of the software company’s stock after acquiring an additional 38 shares during the quarter. Smith Anglin Financial LLC’s holdings in Adobe were worth $340,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wellington Management Group LLP grew its holdings in shares of Adobe by 1,213.5% in the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after purchasing an additional 1,870,307 shares during the last quarter. Swedbank AB bought a new position in shares of Adobe in the first quarter worth about $621,179,000. Longview Partners Guernsey LTD bought a new position in shares of Adobe in the second quarter worth about $663,745,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after purchasing an additional 1,146,718 shares during the last quarter. Finally, BlueSpruce Investments LP grew its holdings in shares of Adobe by 81.1% in the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after purchasing an additional 575,675 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity

In other news, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,759 shares of company stock valued at $17,642,653 in the last three months. 0.15% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

ADBE has been the topic of several recent research reports. KeyCorp increased their target price on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a report on Friday, June 14th. UBS Group dropped their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Bank of America reiterated a “buy” rating and set a $640.00 target price on shares of Adobe in a report on Friday, September 13th. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Stock Performance

ADBE opened at $487.30 on Tuesday. 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 1.16 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $216.07 billion, a PE ratio of 43.78, a P/E/G ratio of 2.72 and a beta of 1.29. The firm has a 50 day moving average of $541.74 and a two-hundred day moving average of $516.26.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $5.37 billion. During the same period last year, the firm posted $3.26 EPS. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, analysts anticipate that Adobe Inc. will post 14.79 EPS for the current year.

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.