Lecap Asset Management Ltd. Purchases Shares of 8,913 Adobe Inc. (NASDAQ:ADBE)

Lecap Asset Management Ltd. acquired a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 8,913 shares of the software company’s stock, valued at approximately $4,615,000. Adobe accounts for approximately 1.0% of Lecap Asset Management Ltd.’s investment portfolio, making the stock its 4th biggest position.

Several other institutional investors have also recently made changes to their positions in the company. Sound Income Strategies LLC increased its position in shares of Adobe by 71.8% in the first quarter. Sound Income Strategies LLC now owns 390 shares of the software company’s stock valued at $197,000 after buying an additional 163 shares in the last quarter. Atlas Capital Advisors LLC raised its position in Adobe by 10.4% during the first quarter. Atlas Capital Advisors LLC now owns 466 shares of the software company’s stock worth $235,000 after acquiring an additional 44 shares during the period. Key Client Fiduciary Advisors LLC raised its position in Adobe by 4.4% during the first quarter. Key Client Fiduciary Advisors LLC now owns 997 shares of the software company’s stock worth $503,000 after acquiring an additional 42 shares during the period. Aspiriant LLC lifted its holdings in Adobe by 7.1% during the first quarter. Aspiriant LLC now owns 2,711 shares of the software company’s stock valued at $1,368,000 after purchasing an additional 179 shares in the last quarter. Finally, RFG Holdings Inc. acquired a new stake in shares of Adobe in the first quarter valued at about $268,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on ADBE shares. Sanford C. Bernstein reduced their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. Barclays increased their target price on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research note on Tuesday, October 15th. Argus raised Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Piper Sandler restated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, September 13th. Two equities research 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Stock Down 0.9 %

Shares of NASDAQ:ADBE opened at $493.11 on Wednesday. The company has a market capitalization of $218.64 billion, a price-to-earnings ratio of 44.30, a PEG ratio of 2.55 and a beta of 1.29. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The business has a 50-day moving average price of $533.94 and a 200 day moving average price of $516.05. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period last year, the business earned $3.26 earnings per share. Sell-side analysts expect that Adobe Inc. will post 14.8 EPS for the current year.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the transaction, the executive vice president now directly owns 18,831 shares in the company, valued at $9,675,744.42. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,501,989. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the sale, the executive vice president now directly owns 18,831 shares in the company, valued at approximately $9,675,744.42. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,608 shares of company stock worth $17,486,391. Insiders own 0.15% of the company’s stock.

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.