Cohen Capital Management Inc. Purchases 290 Shares of Adobe Inc. (NASDAQ:ADBE)

Cohen Capital Management Inc. grew its position in Adobe Inc. (NASDAQ:ADBE) by 13.5% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 2,437 shares of the software company’s stock after purchasing an additional 290 shares during the quarter. Cohen Capital Management Inc.’s holdings in Adobe were worth $1,262,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Klingenstein Fields & Co. LP lifted its stake in Adobe by 3.6% in the third quarter. Klingenstein Fields & Co. LP now owns 25,042 shares of the software company’s stock worth $12,966,000 after acquiring an additional 859 shares during the period. Donaldson Capital Management LLC lifted its position in shares of Adobe by 2.8% in the 3rd quarter. Donaldson Capital Management LLC now owns 10,124 shares of the software company’s stock worth $5,242,000 after purchasing an additional 279 shares during the period. Forum Financial Management LP boosted its stake in shares of Adobe by 0.8% during the third quarter. Forum Financial Management LP now owns 3,835 shares of the software company’s stock valued at $1,986,000 after purchasing an additional 31 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in Adobe by 24.5% during the third quarter. Robeco Institutional Asset Management B.V. now owns 409,095 shares of the software company’s stock valued at $211,821,000 after buying an additional 80,489 shares during the period. Finally, Blue Square Asset Management LLC raised its stake in Adobe by 3.6% in the third quarter. Blue Square Asset Management LLC now owns 4,942 shares of the software company’s stock worth $2,559,000 after buying an additional 174 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Activity

In related news, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Adobe news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock valued at $17,736,369 in the last quarter. 0.15% of the stock is currently owned by company insiders.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $482.48 on Monday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company’s 50 day moving average is $522.17 and its 200 day moving average is $516.20. The company has a market cap of $212.39 billion, a PE ratio of 40.78, a price-to-earnings-growth ratio of 2.46 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter last year, the company posted $3.26 earnings per share. The firm’s revenue was up 10.6% compared to the same quarter last year. On average, sell-side analysts forecast that Adobe Inc. will post 14.82 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Bank of America reaffirmed a “buy” rating and set a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. Oppenheimer reiterated an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research note on Friday, September 13th. Piper Sandler Companies reissued an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, July 12th. Sanford C. Bernstein lowered 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. Finally, Citigroup boosted their price objective on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

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.