Intech Investment Management LLC Purchases 6,985 Shares of Adobe Inc. (NASDAQ:ADBE)

Intech Investment Management LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 20.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 41,818 shares of the software company’s stock after purchasing an additional 6,985 shares during the period. Intech Investment Management LLC’s holdings in Adobe were worth $23,232,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Tradewinds Capital Management LLC increased its position in shares of Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares during the period. Salomon & Ludwin LLC raised its stake in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after acquiring an additional 45 shares in the last quarter. Summit Securities Group LLC bought a new position in shares of Adobe during the second quarter valued at $33,000. Lynx Investment Advisory acquired a new stake in shares of Adobe in the 2nd quarter valued at $39,000. Finally, Hobbs Group Advisors LLC bought a new stake in shares of Adobe in the 2nd quarter worth about $39,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Performance

Shares of Adobe stock opened at $526.44 on Friday. The firm has a fifty day moving average of $549.91 and a two-hundred day moving average of $519.04. The stock has a market capitalization of $233.42 billion, a price-to-earnings ratio of 47.30, a PEG ratio of 3.03 and a beta of 1.29. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.26 EPS. As a group, equities research analysts predict that Adobe Inc. will post 14.69 EPS for the current year.

Insider Activity at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value 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 approximately $10,740,738.72. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Insiders sold a total of 33,759 shares of company stock worth $18,205,903 in the last quarter. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ADBE. Piper Sandler Companies restated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research report on Friday, July 12th. Citigroup boosted their target price on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. UBS Group reduced their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Argus raised Adobe to a “strong-buy” rating in a report on Monday. Finally, BMO Capital Markets boosted their target price on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a report on Friday, June 14th. 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. According to MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average price target of $606.40.

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.