Parallel Advisors LLC Purchases 645 Shares of Adobe Inc. (NASDAQ:ADBE)

Parallel Advisors LLC grew its position in Adobe Inc. (NASDAQ:ADBE) by 1.9% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 34,747 shares of the software company’s stock after purchasing an additional 645 shares during the quarter. Parallel Advisors LLC’s holdings in Adobe were worth $19,303,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in ADBE. 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. International Assets Investment Management LLC raised its position in shares of Adobe by 16.2% in the 1st quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after acquiring an additional 398 shares in the last quarter. Choreo LLC grew its holdings in Adobe by 4.7% in the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after purchasing an additional 197 shares during the last quarter. Eagle Asset Management Inc. lifted its holdings in shares of Adobe by 14.7% during the 4th quarter. Eagle Asset Management Inc. now owns 24,400 shares of the software company’s stock valued at $14,557,000 after purchasing an additional 3,120 shares during the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its position in shares of Adobe by 0.8% in the 2nd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 577,685 shares of the software company’s stock worth $327,281,000 after purchasing an additional 4,590 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on ADBE. 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. Barclays upped their price target on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Citigroup lifted their price objective on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 target price on shares of Adobe in a report on Friday. Finally, Wells Fargo & Company upped their price objective on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $608.83.

Adobe Stock Performance

Shares of ADBE stock opened at $536.87 on Friday. The company has a market capitalization of $238.05 billion, a price-to-earnings ratio of 48.24, 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 has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock’s fifty day simple moving average is $553.76 and its 200-day simple moving average is $520.19.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. The company 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 for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the business posted $3.26 EPS. On average, sell-side analysts predict that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Insider Activity at Adobe

In other news, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s 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 completion of the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Insiders sold 27,523 shares of company stock valued at $14,994,277 in the last ninety days. 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.