Capital International Sarl Acquires 245 Shares of Adobe Inc. (NASDAQ:ADBE)

Capital International Sarl raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4.8% in the 1st quarter, HoldingsChannel.com reports. The fund owned 5,402 shares of the software company’s stock after purchasing an additional 245 shares during the quarter. Capital International Sarl’s holdings in Adobe were worth $2,726,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in ADBE. Norges Bank bought a new stake in shares of Adobe during the 4th quarter valued at $3,277,785,000. Wellington Management Group LLP increased its position in shares of Adobe by 1,213.5% in the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after buying an additional 1,870,307 shares in the last quarter. International Assets Investment Management LLC bought a new stake in shares of Adobe in the 4th quarter valued at $875,592,000. Price T Rowe Associates Inc. MD increased its position in shares of Adobe by 10.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock valued at $3,876,309,000 after buying an additional 590,533 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Adobe by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after buying an additional 382,803 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Citigroup lowered their price objective on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a research report on Monday, June 10th. TD Cowen lowered their price objective on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research report on Monday, June 10th. StockNews.com cut shares of Adobe from a “buy” rating to a “hold” rating in a research report on Friday, July 12th. Piper Sandler reduced their target price on shares of Adobe from $700.00 to $635.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Finally, KeyCorp upped their target price on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research note on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $603.33.

Adobe Stock Up 1.9 %

Shares of Adobe stock traded up $10.29 during trading hours on Friday, reaching $542.44. 2,089,566 shares of the company’s stock were exchanged, compared to its average volume of 3,431,273. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The stock has a market cap of $240.52 billion, a P/E ratio of 48.74, a P/E/G ratio of 2.77 and a beta of 1.30. The company has a 50 day moving average of $516.90 and a two-hundred day moving average of $530.77. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. During the same period last year, the business posted $3.04 EPS. Adobe’s revenue was up 10.2% on a year-over-year basis. On average, sell-side analysts forecast that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the transaction, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The disclosure for this sale can be found here. Insiders have sold a total of 30,236 shares of company stock valued at $16,281,053 in the last three months. 0.15% of the stock is currently owned by company insiders.

About Adobe

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.