Susquehanna Fundamental Investments LLC purchased a new stake in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) during the second quarter, Holdings Channel.com reports. The firm purchased 79,205 shares of the software company’s stock, valued at approximately $44,002,000. Adobe comprises 1.0% of Susquehanna Fundamental Investments LLC’s portfolio, making the stock its 3rd biggest holding.
A number of other large investors have also made changes to their positions in the company. Steph & Co. increased its stake in 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 buying an additional 30 shares during the period. International Assets Investment Management LLC increased its stake in Adobe by 16.2% in the 1st quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock valued at $1,435,000 after buying an additional 398 shares during the period. Choreo LLC increased its stake in Adobe by 4.7% in the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after buying an additional 197 shares during the period. Fairscale Capital LLC acquired a new position in Adobe in the 2nd quarter valued at approximately $1,318,000. Finally, Daymark Wealth Partners LLC increased its stake in Adobe by 89.8% in the 2nd quarter. Daymark Wealth Partners LLC now owns 9,118 shares of the software company’s stock valued at $5,065,000 after buying an additional 4,315 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.
Adobe Trading Up 0.0 %
Shares of ADBE stock opened at $515.48 on Friday. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The stock has a market cap of $228.56 billion, a price-to-earnings ratio of 46.31, 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. The firm has a fifty day moving average of $545.13 and a 200-day moving average of $517.65.
Wall Street Analysts Forecast Growth
Several research analysts have weighed in on the stock. Piper Sandler Companies reiterated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday, July 12th. TD Cowen decreased their target price on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research report on Monday, June 10th. Evercore ISI reissued an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research report on Friday, June 7th. Bank of America reissued a “buy” rating and issued a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Two investment 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 stock. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.
Check Out Our Latest Stock Analysis on ADBE
Insider Buying and Selling at Adobe
In other news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were 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 of the company’s stock, valued at $186,569,166. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Adobe news, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. The disclosure for this sale can be found here. Insiders have sold a total of 33,759 shares of company stock worth $17,642,653 over the last ninety days. Corporate insiders own 0.15% of the company’s stock.
Adobe Company 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.
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