Private Client Services LLC Has $1.89 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Private Client Services LLC boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 10.0% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 3,642 shares of the software company’s stock after buying an additional 331 shares during the period. Adobe accounts for approximately 1.0% of Private Client Services LLC’s holdings, making the stock its 29th largest position. Private Client Services LLC’s holdings in Adobe were worth $1,886,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of ADBE. Vanguard Group Inc. boosted its stake in Adobe by 1.0% in the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after purchasing an additional 382,803 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in 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 worth $3,857,189,000 after purchasing an additional 1,146,718 shares in the last quarter. Wellington Management Group LLP boosted its stake in Adobe by 1,213.5% in the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after purchasing an additional 1,870,307 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Adobe by 0.6% in the second 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. Finally, Clearbridge Investments LLC boosted its stake in Adobe by 0.8% in the second quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock worth $1,097,044,000 after purchasing an additional 15,685 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Down 0.4 %

Shares of ADBE stock opened at $503.80 on Friday. The company has a market capitalization of $223.38 billion, a price-to-earnings ratio of 45.27, a P/E/G ratio of 2.72 and a beta of 1.29. The company has a quick ratio of 1.16, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The firm has a fifty day moving average of $542.45 and a 200-day moving average of $516.36.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates 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 return on equity of 42.82% and a net margin of 25.59%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the company posted $3.26 earnings per share. As a group, equities research analysts predict that Adobe Inc. will post 14.79 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the sale, the executive vice president now owns 20,359 shares of the company’s stock, valued at $11,405,722.57. The sale was disclosed in a legal filing with the SEC, which is accessible 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 transaction of $13,039,500.00. Following the completion of the sale, 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 33,759 shares of company stock worth $17,642,653 over the last ninety days. Insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

ADBE has been the topic of a number of recent analyst reports. Barclays boosted their price objective on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $570.00 to $580.00 in a research report on Friday, June 14th. Citigroup boosted their target price on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Evercore ISI restated an “outperform” rating and set a $650.00 target price on shares of Adobe in a research report on Friday, June 7th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $610.00 target price on shares of Adobe in a research report on Friday, September 13th. 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’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe 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.