Sanders Morris Harris LLC raised its position in Adobe Inc. (NASDAQ:ADBE) by 418.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,900 shares of the software company’s stock after buying an additional 2,341 shares during the quarter. Sanders Morris Harris LLC’s holdings in Adobe were worth $1,494,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of ADBE. Copper Rock Capital Partners LLC raised its stake in shares of Adobe by 6,598.7% in the second quarter. Copper Rock Capital Partners LLC now owns 2,769,030 shares of the software company’s stock valued at $1,024,851,000 after buying an additional 2,727,693 shares during the period. BlackRock Inc. raised its stake in shares of Adobe by 4.5% in the second quarter. BlackRock Inc. now owns 38,069,522 shares of the software company’s stock valued at $16,572,043,000 after buying an additional 1,623,749 shares during the period. Nordea Investment Management AB raised its stake in shares of Adobe by 94.3% in the second quarter. Nordea Investment Management AB now owns 1,646,720 shares of the software company’s stock valued at $707,710,000 after buying an additional 799,163 shares during the period. California Public Employees Retirement System raised its stake in shares of Adobe by 70.4% in the second quarter. California Public Employees Retirement System now owns 1,853,168 shares of the software company’s stock valued at $806,703,000 after buying an additional 765,634 shares during the period. Finally, Softbank Group Corp bought a new stake in shares of Adobe in the second quarter valued at $248,565,000. Hedge funds and other institutional investors own 84.03% of the company’s stock.
In related news, CFO John Francis Murphy sold 4,000 shares of the stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $434.94, for a total transaction of $1,739,760.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Shantanu Narayen sold 10,000 shares of the stock in a transaction dated Wednesday, July 22nd. The shares were sold at an average price of $445.00, for a total value of $4,450,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 75,470 shares of company stock valued at $34,289,308 over the last 90 days. 0.31% of the stock is currently owned by company insiders.
Shares of ADBE traded up $1.67 during midday trading on Friday, reaching $502.82. The stock had a trading volume of 2,441,382 shares, compared to its average volume of 3,222,052. The company’s 50-day moving average is $490.24 and its 200 day moving average is $420.66. Adobe Inc. has a 12-month low of $255.13 and a 12-month high of $536.88. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $241.21 billion, a price-to-earnings ratio of 63.33, a price-to-earnings-growth ratio of 3.89 and a beta of 0.97.
Adobe (NASDAQ:ADBE) last issued its earnings results on Tuesday, September 15th. The software company reported $2.57 earnings per share for the quarter, beating the consensus estimate of $2.41 by $0.16. The company had revenue of $3.23 billion during the quarter, compared to analysts’ expectations of $3.16 billion. Adobe had a return on equity of 35.84% and a net margin of 31.05%. Adobe’s quarterly revenue was up 14.0% compared to the same quarter last year. During the same period in the prior year, the business posted $2.05 EPS. Research analysts forecast that Adobe Inc. will post 8.2 EPS for the current fiscal year.
A number of analysts recently issued reports on ADBE shares. Credit Suisse Group set a $560.00 price objective on Adobe and gave the company an “outperform” rating in a research note on Wednesday, September 16th. Royal Bank of Canada boosted their price objective on Adobe from $550.00 to $570.00 and gave the company an “outperform” rating in a research note on Wednesday, September 16th. JPMorgan Chase & Co. reiterated a “buy” rating and set a $550.00 price objective (up from $430.00) on shares of Adobe in a research note on Wednesday, September 16th. R. F. Lafferty boosted their price objective on Adobe from $550.00 to $570.00 and gave the company a “buy” rating in a research note on Wednesday, September 16th. Finally, Wells Fargo & Company boosted their price objective on Adobe from $375.00 to $500.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 16th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty-four have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $507.10.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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