Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Zurich Insurance Group Ltd FI

Zurich Insurance Group Ltd FI grew its stake in Adobe Inc. (NASDAQ:ADBE) by 14.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 221,249 shares of the software company’s stock after purchasing an additional 28,347 shares during the period. Adobe comprises approximately 1.1% of Zurich Insurance Group Ltd FI’s investment portfolio, making the stock its 17th largest holding. Zurich Insurance Group Ltd FI’s holdings in Adobe were worth $122,913,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in ADBE. Tradewinds Capital Management LLC increased its holdings in Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after acquiring an additional 40 shares in the last quarter. Salomon & Ludwin LLC boosted its stake 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 purchasing an additional 45 shares during the last quarter. Summit Securities Group LLC purchased a new position in shares of Adobe in the second quarter worth about $33,000. Steph & Co. lifted its stake in Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares in the last quarter. Finally, Lynx Investment Advisory acquired a new stake in shares of Adobe in the second quarter valued at approximately $39,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

ADBE opened at $524.07 on Wednesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The stock has a market capitalization of $232.37 billion, a PE ratio of 47.09, a P/E/G ratio of 3.03 and a beta of 1.29. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company’s 50 day simple moving average is $547.57 and its 200 day simple moving average is $517.98.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company’s revenue was up 10.6% on a year-over-year basis. During the same period last year, the business posted $3.26 EPS. As a group, sell-side analysts expect that Adobe Inc. will post 14.69 EPS for the current year.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of recent analyst reports. Wells Fargo & Company raised their price target on shares of Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. TD Cowen decreased their price target on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research note on Monday, June 10th. Bank of America reissued a “buy” rating and set a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. Finally, JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $570.00 to $580.00 in a report on Friday, June 14th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Insider Activity at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred 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 transaction, 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 document filed with the SEC, which is accessible through this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,759 shares of company stock valued at $18,205,903. 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.