APG Asset Management N.V. Grows Stock Position in Adobe Inc. (NASDAQ:ADBE)

APG Asset Management N.V. boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 5.3% during the 2nd quarter, Holdings Channel.com reports. The firm owned 359,797 shares of the software company’s stock after acquiring an additional 18,219 shares during the period. APG Asset Management N.V.’s holdings in Adobe were worth $186,500,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of ADBE. Tradewinds Capital Management LLC increased its stake in shares of Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after buying an additional 40 shares during the period. Salomon & Ludwin LLC grew its holdings in Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after acquiring an additional 45 shares in the last quarter. Summit Securities Group LLC acquired a new position in Adobe during the 2nd quarter worth approximately $33,000. Steph & Co. raised its holdings in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares in the last quarter. Finally, Lynx Investment Advisory purchased a new stake in shares of Adobe during the 2nd quarter worth $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of ADBE opened at $517.90 on Thursday. The stock has a market capitalization of $229.64 billion, a P/E ratio of 46.53, a P/E/G ratio of 2.72 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.11. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company’s fifty day moving average is $547.57 and its two-hundred day moving average is $517.98.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 was up 10.6% compared to the same quarter last year. During the same period in the previous year, the business posted $3.26 earnings per share. On average, sell-side analysts predict that Adobe Inc. will post 14.79 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts recently commented on ADBE shares. Bank of America reissued a “buy” rating and issued a $640.00 target price on shares of Adobe in a report on Friday, September 13th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Barclays upped their price target on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Piper Sandler Companies reiterated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research note on Friday, July 12th. Finally, Stifel Nicolaus upped their target price on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. 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’s stock. Based on data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Insider Transactions at Adobe

In related news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction that occurred 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 directly owns 20,838 shares in the company, valued at $10,740,738.72. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the sale, the executive vice president now directly owns 20,359 shares in the company, valued at approximately $11,405,722.57. The disclosure for this sale can be found here. In the last three months, insiders sold 8,759 shares of company stock valued at $4,603,153. Corporate 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.