J. Stern & Co. LLP Buys 3,664 Shares of Adobe Inc. (NASDAQ:ADBE)

J. Stern & Co. LLP grew its stake in Adobe Inc. (NASDAQ:ADBE) by 4.7% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 81,839 shares of the software company’s stock after acquiring an additional 3,664 shares during the quarter. Adobe comprises approximately 4.5% of J. Stern & Co. LLP’s investment portfolio, making the stock its 9th biggest position. J. Stern & Co. LLP’s holdings in Adobe were worth $42,375,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Silvercrest Asset Management Group LLC lifted its holdings in Adobe by 3.1% in the first quarter. Silvercrest Asset Management Group LLC now owns 12,112 shares of the software company’s stock valued at $6,112,000 after acquiring an additional 361 shares during the last quarter. Waverly Advisors LLC raised its position in Adobe by 185.3% in the first quarter. Waverly Advisors LLC now owns 3,486 shares of the software company’s stock valued at $1,759,000 after purchasing an additional 2,264 shares during the period. Global Financial Private Client LLC lifted its stake in shares of Adobe by 9.7% in the 1st quarter. Global Financial Private Client LLC now owns 261 shares of the software company’s stock valued at $131,000 after purchasing an additional 23 shares during the last quarter. Redwood Investment Management LLC purchased a new position in shares of Adobe during the 1st quarter worth $403,000. Finally, Creekmur Asset Management LLC increased its position in shares of Adobe by 33.1% during the 1st quarter. Creekmur Asset Management LLC now owns 326 shares of the software company’s stock worth $164,000 after purchasing an additional 81 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of Adobe stock traded up $1.27 during trading on Tuesday, reaching $520.00. The company’s stock had a trading volume of 286,898 shares, compared to its average volume of 3,135,816. The business has a 50 day moving average price of $503.08 and a 200-day moving average price of $519.50. The company has a market capitalization of $228.90 billion, a P/E ratio of 43.81, a price-to-earnings-growth ratio of 2.64 and a beta of 1.30. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12-month low of $433.97 and a 12-month 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 for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the prior year, the company posted $3.26 EPS. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.82 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have commented on ADBE. Sanford C. Bernstein decreased their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Stifel Nicolaus increased their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. UBS Group dropped their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Piper Sandler reissued an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Finally, Morgan Stanley restated an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Activity

In other news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the sale, the executive vice president now directly owns 18,831 shares in the company, valued at $9,675,744.42. This represents a 7.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on 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 owns 357,700 shares of the company’s stock, valued at $186,569,166. This represents a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 34,187 shares of company stock worth $17,736,369. Company insiders own 0.15% of the company’s stock.

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.