Troy Asset Management Ltd Buys 3,519 Shares of Adobe Inc. (NASDAQ:ADBE)

Troy Asset Management Ltd lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 7.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 54,045 shares of the software company’s stock after acquiring an additional 3,519 shares during the quarter. Adobe makes up approximately 0.9% of Troy Asset Management Ltd’s holdings, making the stock its 27th biggest position. Troy Asset Management Ltd’s holdings in Adobe were worth $27,983,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Piscataqua Savings Bank raised its position in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the period. Summit Securities Group LLC purchased a new position in shares of Adobe in the second quarter valued at about $33,000. Lynx Investment Advisory bought a new position in shares of Adobe in the second quarter worth about $39,000. Hobbs Group Advisors LLC purchased a new stake in shares of Adobe during the second quarter worth about $39,000. Finally, Highline Wealth Partners LLC purchased a new stake in Adobe during the 3rd quarter valued at approximately $38,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Trading Down 1.2 %

Shares of ADBE opened at $494.68 on Friday. The firm has a market capitalization of $217.76 billion, a price-to-earnings ratio of 41.78, a PEG ratio of 2.60 and a beta of 1.30. 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 Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The company has a 50-day moving average of $514.90 and a 200 day moving average of $516.42.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period last year, the business posted $3.26 EPS. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. On average, research analysts expect that Adobe Inc. will post 14.82 EPS for the current year.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of research analyst reports. Bank of America restated a “buy” rating and set a $640.00 price objective on shares of Adobe in a research report on Friday, September 13th. Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday, September 13th. Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 target price on shares of Adobe in a research report on Tuesday, October 15th. Stifel Nicolaus boosted their price target on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Buying and Selling

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Adobe news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction dated Tuesday, October 15th. The stock was 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 $9,675,744.42. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated 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 sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. The trade was 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 over the last three months. 0.15% of the stock is 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.