Carret Asset Management LLC Boosts Stake in Adobe Inc. (NASDAQ:ADBE)

by · The Markets Daily

Carret Asset Management LLC raised its position in Adobe Inc. (NASDAQ:ADBE – Free Report) by 4.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,170 shares of the software company’s stock after purchasing an additional 175 shares during the quarter. Carret Asset Management LLC’s holdings in Adobe were worth $2,159,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in ADBE. International Assets Investment Management LLC lifted its stake in Adobe by 66,909.7% during 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 acquiring an additional 1,376,333 shares in the last quarter. Swedbank AB purchased a new stake in Adobe during the first quarter worth about $621,179,000. Longview Partners Guernsey LTD acquired a new stake in shares of Adobe during the second quarter worth about $663,745,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Adobe by 17.6% in the first 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 grew its holdings in shares of Adobe by 81.1% in 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 and hedge funds.

Insiders Place Their Bets

In other news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Adobe news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the sale, the executive vice president now owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the 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 directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,030 shares of company stock valued at $17,176,005. 0.15% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. UBS Group reduced their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Barclays upped their price target on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Bank of America reaffirmed a “buy” rating and issued a $640.00 price target on shares of Adobe in a research report on Friday, September 13th. Finally, Morgan Stanley reissued an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Check Out Our Latest Stock Report on ADBE

Adobe Stock Performance

Shares of Adobe stock opened at $483.72 on Friday. The firm’s fifty day simple moving average is $530.03 and its 200-day simple moving average is $515.76. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The stock has a market capitalization of $214.48 billion, a price-to-earnings ratio of 43.46, a PEG ratio of 2.55 and a beta of 1.29. 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 – Get Free Report) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating 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 company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period in the previous year, the business posted $3.26 earnings per share. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. As a group, equities analysts forecast that Adobe Inc. will post 14.8 earnings per share for the current year.

Adobe Profile

(Free Report)

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.

See Also

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