Acadian Asset Management LLC Acquires 19,876 Shares of Adobe Inc. (NASDAQ:ADBE)

Acadian Asset Management LLC grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 73.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 46,929 shares of the software company’s stock after buying an additional 19,876 shares during the quarter. Acadian Asset Management LLC’s holdings in Adobe were worth $26,066,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Delta Financial Advisors LLC increased its stake in Adobe by 6.9% in the 2nd quarter. Delta Financial Advisors LLC now owns 1,192 shares of the software company’s stock worth $662,000 after purchasing an additional 77 shares during the period. Strategic Financial Concepts LLC purchased a new position in shares of Adobe in the second quarter worth $40,417,000. Umpqua Bank increased its stake in shares of Adobe by 13.8% in the second quarter. Umpqua Bank now owns 2,939 shares of the software company’s stock worth $1,633,000 after buying an additional 356 shares during the period. Oxbow Advisors LLC raised its holdings in Adobe by 8.5% during the 2nd quarter. Oxbow Advisors LLC now owns 21,655 shares of the software company’s stock valued at $12,030,000 after buying an additional 1,690 shares during the last quarter. Finally, Motiv8 Investments LLC boosted its position in Adobe by 47.2% during the 2nd quarter. Motiv8 Investments LLC now owns 1,469 shares of the software company’s stock valued at $816,000 after buying an additional 471 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the sale, the chief accounting officer now directly owns 2,740 shares in the company, valued at approximately $1,439,897.40. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the sale, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,523 shares of company stock worth $14,994,277. 0.15% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on ADBE shares. JPMorgan Chase & Co. upgraded shares of Adobe from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $570.00 to $580.00 in a research report on Friday, June 14th. Melius Research reaffirmed a “hold” rating and set a $510.00 price target on shares of Adobe in a research report on Monday, June 10th. Piper Sandler dropped their price objective on Adobe from $700.00 to $635.00 and set an “overweight” rating for the company in a report on Friday, July 12th. StockNews.com cut Adobe from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. Finally, Robert W. Baird raised their price target on Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research note on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $605.52.

Adobe Trading Down 0.8 %

Shares of NASDAQ ADBE opened at $563.41 on Monday. The company has a market cap of $249.82 billion, a PE ratio of 50.62, a P/E/G ratio of 3.00 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The firm’s 50 day moving average price is $553.72 and its 200-day moving average price is $519.08. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. During the same period last year, the business posted $3.04 EPS. The company’s revenue was up 10.2% compared to the same quarter last year. On average, equities research analysts expect that Adobe Inc. will post 14.69 EPS for the current fiscal year.

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.