Meridiem Investment Management Ltd. Increases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Meridiem Investment Management Ltd. raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 209,972 shares of the software company’s stock after acquiring an additional 1,469 shares during the period. Adobe comprises approximately 1.9% of Meridiem Investment Management Ltd.’s portfolio, making the stock its 22nd biggest holding. Meridiem Investment Management Ltd.’s holdings in Adobe were worth $108,714,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Mitsubishi UFJ Asset Management UK Ltd. grew its position in Adobe by 71.4% during the third quarter. Mitsubishi UFJ Asset Management UK Ltd. now owns 1,200 shares of the software company’s stock valued at $621,000 after acquiring an additional 500 shares during the last quarter. ST Germain D J Co. Inc. grew its holdings in shares of Adobe by 12.1% in the third quarter. ST Germain D J Co. Inc. now owns 13,631 shares of the software company’s stock worth $7,058,000 after purchasing an additional 1,470 shares during the last quarter. Slow Capital Inc. grew its holdings in shares of Adobe by 4.2% in the third quarter. Slow Capital Inc. now owns 6,611 shares of the software company’s stock worth $3,423,000 after purchasing an additional 266 shares during the last quarter. Chronos Wealth Management LLC grew its holdings in shares of Adobe by 5.8% in the third quarter. Chronos Wealth Management LLC now owns 6,604 shares of the software company’s stock worth $3,419,000 after purchasing an additional 364 shares during the last quarter. Finally, Capital Investment Advisors LLC grew its holdings in shares of Adobe by 14.1% in the third quarter. Capital Investment Advisors LLC now owns 6,378 shares of the software company’s stock worth $3,302,000 after purchasing an additional 789 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Price Performance

ADBE traded down $1.93 during trading on Friday, reaching $494.90. 2,011,121 shares of the company traded hands, compared to its average volume of 3,216,828. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The firm has a fifty day simple moving average of $535.45 and a 200 day simple moving average of $515.67. The company has a market cap of $219.44 billion, a P/E ratio of 44.47, a PEG ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its 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 firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate 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 prior year, the company earned $3.26 EPS. On average, equities analysts forecast that Adobe Inc. will post 14.8 EPS for the current year.

Insider Activity

In related news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the sale, the executive vice president now directly owns 19,658 shares in the company, valued at $10,556,346. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the sale, the executive vice president now directly owns 19,658 shares in the company, valued at $10,556,346. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’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 sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,608 shares of company stock worth $17,486,391. 0.15% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several recent analyst reports. Bank of America restated a “buy” rating and issued a $640.00 target price on shares of Adobe in a report on Friday, September 13th. Sanford C. Bernstein cut their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. Piper Sandler reiterated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a report on Friday, September 13th. Argus upgraded shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Finally, Oppenheimer reissued an “outperform” rating and set a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus price target of $606.40.

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.