Erste Asset Management GmbH purchased a new position in Adobe Inc. (NASDAQ:ADBE - Free Report) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 245,339 shares of the software company's stock, valued at approximately $126,703,000. Adobe makes up about 1.5% of Erste Asset Management GmbH's investment portfolio, making the stock its 9th largest holding. Erste Asset Management GmbH owned 0.06% of Adobe at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Piscataqua Savings Bank lifted its holdings in shares of Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company's stock worth $25,000 after purchasing an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new stake in Adobe in the 3rd quarter valued at about $30,000. True Wealth Design LLC boosted its stake in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company's stock valued at $30,000 after purchasing an additional 34 shares during the period. Summit Securities Group LLC bought a new position in Adobe in the 2nd quarter worth about $33,000. Finally, Lynx Investment Advisory acquired a new stake in shares of Adobe in the second quarter valued at approximately $39,000. 81.79% of the stock is owned by institutional investors.
A number of brokerages recently issued reports on ADBE. Citigroup increased their price objective on Adobe from $550.00 to $621.00 and gave the stock a "neutral" rating in a report on Wednesday, September 11th. Royal Bank of Canada reissued an "outperform" rating and issued a $610.00 price target on shares of Adobe in a research note on Tuesday, October 15th. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a report on Friday, September 13th. Barclays raised their target price on shares of Adobe from $650.00 to $675.00 and gave the company an "overweight" rating in a research note on Wednesday, September 4th. Finally, Oppenheimer reiterated an "outperform" rating and issued a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $606.40.
Read Our Latest Analysis on Adobe
Shares of NASDAQ:ADBE opened at $515.93 on Friday. The company's fifty day moving average is $503.01 and its two-hundred day moving average is $520.25. The company has a market cap of $227.11 billion, a P/E ratio of 43.58, a price-to-earnings-growth ratio of 2.65 and a beta of 1.30. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.
Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period in the previous year, the firm earned $3.26 earnings per share. Adobe's quarterly revenue was up 10.6% on a year-over-year basis. Equities analysts expect that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.
In related news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction 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 approximately $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the business's stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,187 shares of company stock valued at $17,736,369. Corporate insiders own 0.15% of the company's stock.
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.
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