Virtus Investment Advisers Inc. Boosts Stake in Adobe Inc. (NASDAQ:ADBE)

Virtus Investment Advisers Inc. raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 55.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 837 shares of the software company’s stock after buying an additional 300 shares during the quarter. Virtus Investment Advisers Inc.’s holdings in Adobe were worth $433,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Public Sector Pension Investment Board boosted its stake in shares of Adobe by 12.2% during the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock valued at $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 purchasing 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 purchasing an additional 2,113 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in shares of Adobe by 201.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock worth $60,779,000 after buying an additional 78,384 shares in the last quarter. Finally, Hantz Financial Services Inc. raised its position in shares of Adobe by 13.8% in the third quarter. Hantz Financial Services Inc. now owns 78,682 shares of the software company’s stock valued at $40,740,000 after buying an additional 9,519 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity

In related news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the transaction, the executive vice president now owns 18,831 shares in the company, valued at $9,675,744.42. This represents a 7.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock worth $17,736,369 over the last 90 days. Company insiders own 0.15% of the company’s stock.

Adobe Trading Up 0.3 %

NASDAQ:ADBE opened at $538.22 on Friday. The business’s 50-day moving average is $503.45 and its two-hundred day moving average is $521.19. The firm has a market capitalization of $236.92 billion, a PE ratio of 45.46, a price-to-earnings-growth 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 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 announced its 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 business 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 42.82% and a net margin of 25.59%. The company’s revenue was up 10.6% on a year-over-year basis. During the same period last year, the business posted $3.26 EPS. Research analysts predict that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have commented on ADBE shares. Morgan Stanley reaffirmed an “overweight” rating and issued a $660.00 target price on shares of Adobe in a research note on Friday, September 13th. Barclays lifted their price objective on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Piper Sandler reiterated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research note on Thursday. Oppenheimer reissued an “outperform” rating and issued a $625.00 price target on shares of Adobe in a research note on Friday, September 13th. Finally, Argus raised shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average price target of $602.08.

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.