Landscape Capital Management L.L.C. Acquires New Holdings in Adobe Inc. (NASDAQ:ADBE)

Landscape Capital Management L.L.C. bought a new position in shares of Adobe Inc. (NASDAQ:ADBE) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,123 shares of the software company’s stock, valued at approximately $1,099,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Intech Investment Management LLC grew its stake in Adobe by 113.0% in the third quarter. Intech Investment Management LLC now owns 89,052 shares of the software company’s stock valued at $46,109,000 after purchasing an additional 47,234 shares during the last quarter. Citizens Financial Group Inc. RI boosted its holdings in shares of Adobe by 1.6% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 24,851 shares of the software company’s stock valued at $12,867,000 after buying an additional 402 shares in the last quarter. Moran Wealth Management LLC grew its position in shares of Adobe by 2.1% in the 3rd quarter. Moran Wealth Management LLC now owns 24,000 shares of the software company’s stock worth $12,427,000 after buying an additional 499 shares during the last quarter. Moors & Cabot Inc. raised its stake in shares of Adobe by 2.8% during the 3rd quarter. Moors & Cabot Inc. now owns 3,550 shares of the software company’s stock worth $1,838,000 after acquiring an additional 98 shares in the last quarter. Finally, Altman Advisors Inc. purchased a new stake in Adobe during the third quarter valued at approximately $1,684,000. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 1.5 %

Shares of ADBE stock opened at $512.15 on Friday. The company has a 50-day moving average of $503.13 and a two-hundred day moving average of $518.84. The firm has a market cap of $225.45 billion, a PE ratio of 43.26, a price-to-earnings-growth ratio of 2.57 and a beta of 1.30. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating 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 the consensus estimate of $5.37 billion. During the same quarter last year, the firm earned $3.26 EPS. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, analysts predict that Adobe Inc. will post 14.82 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have issued reports on ADBE. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $610.00 price target on shares of Adobe in a report on Tuesday, October 15th. Sanford C. Bernstein reduced their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research note on Friday, September 13th. Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 target price on shares of Adobe in a report on Friday, September 13th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Finally, Citigroup raised 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 equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Activity at Adobe

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the transaction, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 23.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the 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 completion of the sale, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. The trade was a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is currently owned by company insiders.

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.