Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Wellington Shields & Co. LLC

Wellington Shields & Co. LLC grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 13.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 860 shares of the software company’s stock after acquiring an additional 100 shares during the quarter. Wellington Shields & Co. LLC’s holdings in Adobe were worth $478,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Adobe by 1.0% during 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 purchasing an additional 382,803 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Adobe by 17.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after acquiring an additional 1,146,718 shares during the last quarter. Norges Bank purchased a new position in shares of Adobe during the fourth quarter worth $3,277,785,000. Concentrum Wealth Management lifted its position in Adobe by 11.3% during the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after purchasing an additional 244,008 shares during the period. Finally, Brown Advisory Inc. boosted its holdings in Adobe by 5.4% in the fourth quarter. Brown Advisory Inc. now owns 2,388,198 shares of the software company’s stock valued at $1,424,799,000 after purchasing an additional 122,738 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on ADBE. Royal Bank of Canada reissued an “outperform” rating and issued a $600.00 price objective on shares of Adobe in a report on Thursday, August 1st. Piper Sandler Companies reissued an “overweight” rating and issued a $635.00 price target on shares of Adobe in a report on Friday, July 12th. Sanford C. Bernstein raised their price objective on shares of Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a research note on Monday, June 17th. Stifel Nicolaus boosted their target price on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Finally, Melius Research restated a “hold” rating and set a $510.00 price target on shares of Adobe in a research report on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $605.52.

Insider Buying and Selling at Adobe

In related news, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the sale, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the sale, the chief accounting officer now owns 2,740 shares in the company, valued at $1,439,897.40. The disclosure for this sale can be found here. Insiders sold a total of 27,523 shares of company stock worth $14,994,277 in the last three months. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Performance

NASDAQ:ADBE opened at $574.48 on Wednesday. The company has a market cap of $254.72 billion, a P/E ratio of 51.62, a P/E/G ratio of 2.94 and a beta of 1.29. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company’s 50-day moving average price is $554.06 and its 200-day moving average price is $519.46. 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 for the quarter, topping the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. During the same period in the previous year, the firm posted $3.04 EPS. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. On average, sell-side analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Adobe Company 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.