Broderick Brian C Raises Holdings in Adobe Inc. (NASDAQ:ADBE)

Broderick Brian C grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 6.8% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 5,814 shares of the software company’s stock after purchasing an additional 371 shares during the quarter. Broderick Brian C’s holdings in Adobe were worth $3,010,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. International Assets Investment Management LLC increased its holdings in shares of Adobe by 66,909.7% in the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after purchasing an additional 1,376,333 shares during the period. Swedbank AB purchased a new stake in Adobe in the first quarter valued at approximately $621,179,000. Longview Partners Guernsey LTD acquired a new position in Adobe in the 2nd quarter worth approximately $663,745,000. Price T Rowe Associates Inc. MD raised its position in Adobe by 17.6% during 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 lifted its stake in Adobe by 81.1% during the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after acquiring an additional 575,675 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

Shares of Adobe stock opened at $529.87 on Friday. The stock has a market capitalization of $233.25 billion, a P/E ratio of 44.75, a PEG ratio of 2.71 and a beta of 1.30. The business has a 50 day simple moving average of $511.75 and a two-hundred day simple moving average of $517.67. Adobe Inc. has a 12 month low of $433.97 and a 12 month 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.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the prior year, the company earned $3.26 EPS. The firm’s revenue was up 10.6% compared to the same quarter last year. As a group, analysts predict that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Insider Transactions at Adobe

In related news, CAO Jillian Forusz sold 676 shares of the stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,187 shares of company stock valued at $17,736,369. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Stifel Nicolaus increased their price objective on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 price target on shares of Adobe in a research report on Tuesday, October 15th. UBS Group decreased their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Argus raised Adobe to a “strong-buy” rating in a report on Monday, September 16th. Finally, Sanford C. Bernstein reduced their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $606.40.

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.