Point72 Asset Management L.P. grew its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 179.4% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 125,012 shares of the software company's stock after buying an additional 80,268 shares during the quarter. Point72 Asset Management L.P.'s holdings in Adobe were worth $69,449,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of ADBE. Tradewinds Capital Management LLC increased its stake in shares of Adobe by 266.7% in the 1st 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 in the last quarter. Salomon & Ludwin LLC increased its stake in shares of Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company's stock valued at $29,000 after purchasing an additional 45 shares in the last quarter. Summit Securities Group LLC purchased a new position in shares of Adobe in the 2nd quarter valued at about $33,000. Steph & Co. increased its stake in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company's stock valued at $39,000 after purchasing an additional 30 shares in the last quarter. Finally, Lynx Investment Advisory purchased a new position in shares of Adobe in the 2nd quarter valued at about $39,000. Hedge funds and other institutional investors own 81.79% of the company's stock.
In related news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $560.23, for a total transaction of $857,151.90. Following the completion of the transaction, the executive vice president now directly owns 20,359 shares of the company's stock, valued at approximately $11,405,722.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Mark S. Garfield sold 151 shares of the business's 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 owns 2,797 shares in the company, valued at $1,579,186.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the completion of the sale, the executive vice president now directly owns 20,359 shares in the company, valued at approximately $11,405,722.57. The disclosure for this sale can be found here. Insiders sold 8,759 shares of company stock valued at $4,603,153 in the last ninety days. Insiders own 0.15% of the company's stock.
Several brokerages recently weighed in on ADBE. Piper Sandler Companies restated an "overweight" rating and issued a $635.00 price target on shares of Adobe in a research note on Friday, July 12th. TD Cowen cut their price objective on Adobe from $640.00 to $625.00 and set a "buy" rating for the company in a research note on Monday, June 10th. UBS Group cut their price objective on Adobe from $560.00 to $550.00 and set a "neutral" rating for the company in a research note on Friday, September 13th. Stifel Nicolaus boosted their price objective on Adobe from $600.00 to $650.00 and gave the stock a "buy" rating in a research note on Friday, September 6th. Finally, BMO Capital Markets boosted their price objective on Adobe from $525.00 to $580.00 and gave the stock an "outperform" rating in a research note on Friday, June 14th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Adobe presently has an average rating of "Moderate Buy" and a consensus target price of $606.40.
Read Our Latest Report on Adobe
ADBE stock opened at $517.90 on Thursday. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The firm has a market cap of $229.64 billion, a PE ratio of 46.53, a P/E/G ratio of 2.72 and a beta of 1.29. The firm has a 50 day simple moving average of $547.57 and a 200 day simple moving average of $517.98. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.16.
Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating 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 business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the previous year, the business earned $3.26 earnings per share. The firm's revenue was up 10.6% compared to the same quarter last year. Equities research analysts forecast that Adobe Inc. will post 14.79 earnings per share for the current fiscal year.
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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