Reynders McVeigh Capital Management LLC Grows Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Reynders McVeigh Capital Management LLC raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 9.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,130 shares of the software company’s stock after buying an additional 101 shares during the period. Reynders McVeigh Capital Management LLC’s holdings in Adobe were worth $585,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Public Sector Pension Investment Board boosted its stake in shares of Adobe by 12.2% during the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock worth $10,005,000 after acquiring an additional 2,100 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Adobe by 28.0% during the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after acquiring an additional 1,412 shares during the last quarter. Morse Asset Management Inc boosted its stake in shares of Adobe by 33.0% during the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock worth $4,411,000 after acquiring an additional 2,113 shares during the last quarter. Hantz Financial Services Inc. boosted its stake in shares of Adobe by 13.8% during the 3rd quarter. Hantz Financial Services Inc. now owns 78,682 shares of the software company’s stock worth $40,740,000 after acquiring an additional 9,519 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its stake in shares of Adobe by 201.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock worth $60,779,000 after acquiring an additional 78,384 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $536.49 on Thursday. The company has a market capitalization of $236.16 billion, a price-to-earnings ratio of 45.31, a PEG ratio of 2.35 and a beta of 1.29. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The firm’s 50-day moving average is $502.99 and its 200 day moving average is $521.07. 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 (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating 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 net margin of 25.59% and a return on equity of 42.82%. The firm’s revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.26 EPS. Research analysts predict that Adobe Inc. will post 14.82 EPS for the current year.

Insider Activity at Adobe

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated 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 transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. This represents a 23.78 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 34,187 shares of company stock worth $17,736,369. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on ADBE shares. Sanford C. Bernstein decreased their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Argus upgraded shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Stifel Nicolaus raised their price objective on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Citigroup raised their price objective on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Finally, JMP Securities restated a “market perform” rating 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, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $601.25.

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.