LCM Capital Management Inc Raises Position in Adobe Inc. (NASDAQ:ADBE)

LCM Capital Management Inc raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,699 shares of the software company’s stock after buying an additional 34 shares during the quarter. Adobe comprises about 0.8% of LCM Capital Management Inc’s holdings, making the stock its 22nd largest position. LCM Capital Management Inc’s holdings in Adobe were worth $1,397,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. International Assets Investment Management LLC lifted its holdings in Adobe by 66,909.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after buying an additional 1,376,333 shares during the period. Swedbank AB purchased a new position in shares of Adobe during the 1st quarter worth approximately $621,179,000. Longview Partners Guernsey LTD purchased a new position in shares of Adobe during the 2nd quarter worth approximately $663,745,000. Price T Rowe Associates Inc. MD lifted its stake 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 purchasing an additional 1,146,718 shares during the period. Finally, BlueSpruce Investments LP boosted its position in shares of Adobe by 81.1% during the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after purchasing an additional 575,675 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Barclays upped their price target on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Bank of America reiterated a “buy” rating and issued a $640.00 price target on shares of Adobe in a research note on Friday, September 13th. UBS Group reduced their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Finally, Piper Sandler Companies reissued an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, July 12th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Activity

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock valued at $17,736,369 in the last ninety days. Insiders own 0.15% of the company’s stock.

Adobe Stock Down 1.8 %

Shares of Adobe stock opened at $478.08 on Friday. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market cap of $211.98 billion, a price-to-earnings ratio of 42.95, a PEG ratio of 2.55 and a beta of 1.29. The firm’s 50-day moving average is $523.68 and its two-hundred day moving average is $515.55.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates 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 in the previous year, the company earned $3.26 earnings per share. As a group, research analysts expect that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

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.