Promethos Capital LLC Has $4.11 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Promethos Capital LLC raised its stake in Adobe Inc. (NASDAQ:ADBE) by 234.8% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 7,405 shares of the software company’s stock after buying an additional 5,193 shares during the period. Adobe comprises 1.5% of Promethos Capital LLC’s holdings, making the stock its 26th largest position. Promethos Capital LLC’s holdings in Adobe were worth $4,114,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Adobe by 1.0% during the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after acquiring an additional 382,803 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Adobe by 17.6% during the first 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 purchasing an additional 1,146,718 shares during the period. Concentrum Wealth Management lifted its holdings in shares of Adobe by 11.3% during the 4th quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after purchasing an additional 244,008 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Adobe by 1,213.5% in the 4th 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 period. Finally, Principal Financial Group Inc. increased its stake in Adobe by 0.6% during the 2nd quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock worth $1,097,475,000 after purchasing an additional 12,065 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of research reports. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research note on Friday, July 12th. Melius Research reaffirmed a “hold” rating and issued a $510.00 target price on shares of Adobe in a research note on Monday, June 10th. TD Cowen dropped their price target on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research note on Monday, June 10th. Mizuho reaffirmed a “buy” rating and set a $640.00 price objective (down from $680.00) on shares of Adobe in a research report on Friday, June 7th. Finally, Barclays increased their price objective on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Stock Up 3.6 %

ADBE stock opened at $526.44 on Friday. The business’s 50 day simple moving average is $549.91 and its 200 day simple moving average is $519.04. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The firm has a market capitalization of $233.42 billion, a PE ratio of 47.30, a PEG ratio of 3.03 and a beta of 1.29. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.

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

Insiders Place Their Bets

In other 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 value of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, 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 33,759 shares of company stock worth $18,205,903 over the last three months. Insiders own 0.15% of the company’s stock.

About Adobe

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.