Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Geode Capital Management LLC

Geode Capital Management LLC raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,529,089 shares of the software company’s stock after buying an additional 147,981 shares during the period. Adobe makes up 0.4% of Geode Capital Management LLC’s portfolio, making the stock its 29th biggest position. Geode Capital Management LLC’s holdings in Adobe were worth $5,435,377,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ADBE. Piscataqua Savings Bank raised its holdings in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares in the last quarter. Legacy Investment Solutions LLC acquired a new position in shares of Adobe during the 3rd quarter valued at $26,000. Groupama Asset Managment raised its stake in shares of Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after buying an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in shares of Adobe in the third quarter valued at $30,000. Finally, True Wealth Design LLC boosted its stake in Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 34 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Trading Down 0.9 %

Adobe stock opened at $547.93 on Tuesday. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a market cap of $241.20 billion, a P/E ratio of 46.28, a P/E/G ratio of 2.52 and a beta of 1.29. The company’s fifty day simple moving average is $504.80 and its 200-day simple moving average is $522.67.

Adobe (NASDAQ:ADBE) last issued 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. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the previous year, the company posted $3.26 earnings per share. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several research reports. Sanford C. Bernstein dropped their price target 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. UBS Group cut their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Oppenheimer restated an “outperform” rating and set a $625.00 target price on shares of Adobe in a report on Friday, September 13th. Barclays upped their price target on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Finally, JMP Securities restated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $600.79.

Insider Buying and Selling

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

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.