CBIZ Investment Advisory Services LLC Buys Shares of 527 Adobe Inc. (NASDAQ:ADBE)

CBIZ Investment Advisory Services LLC purchased a new position in shares of Adobe Inc. (NASDAQ:ADBE) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 527 shares of the software company’s stock, valued at approximately $293,000.

Other institutional investors have also modified their holdings of the company. Norges Bank acquired a new position in Adobe in the 4th quarter valued at $3,277,785,000. Wellington Management Group LLP increased its stake in Adobe by 1,213.5% in the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after purchasing an additional 1,870,307 shares during the last quarter. Swedbank AB purchased a new position in Adobe during the first quarter worth about $621,179,000. Price T Rowe Associates Inc. MD boosted its stake in 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 worth $3,857,189,000 after buying an additional 1,146,718 shares during the last quarter. Finally, BlueSpruce Investments LP grew its holdings in Adobe by 81.1% in the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after buying an additional 575,675 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

ADBE stock opened at $536.87 on Friday. The company has a market capitalization of $238.05 billion, a PE ratio of 48.24, a P/E/G ratio of 3.03 and a beta of 1.29. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock’s 50 day moving average is $553.76 and its two-hundred day moving average is $519.96. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the company posted $3.26 earnings per share. Analysts predict that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on ADBE shares. KeyCorp raised their target price on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research report on Friday, June 14th. Melius downgraded Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective for the company. in a report on Monday, June 10th. Piper Sandler reiterated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday. TD Cowen dropped their price target on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research note on Monday, June 10th. Finally, Citigroup lifted their price objective on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $608.83.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, 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 of the company’s stock, valued at approximately $1,439,897.40. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,501,989. The disclosure for this sale can be found here. Insiders sold a total of 27,523 shares of company stock valued at $14,994,277 over the last three months. 0.15% of the stock is owned by insiders.

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.