Adobe Inc. (NASDAQ:ADBE) Shares Purchased by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 3.1% in the third quarter, Holdings Channel.com reports. The fund owned 4,741,549 shares of the software company’s stock after buying an additional 140,390 shares during the quarter. Adobe makes up 0.6% of UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s investment portfolio, making the stock its 20th largest position. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Adobe were worth $2,455,079,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in ADBE. Piscataqua Savings Bank boosted 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 buying an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in shares of Adobe during the 3rd quarter valued at approximately $30,000. Summit Securities Group LLC purchased a new stake in shares of Adobe during the 2nd quarter worth approximately $33,000. Lynx Investment Advisory acquired a new stake in shares of Adobe in the 2nd quarter worth approximately $39,000. Finally, Briaud Financial Planning Inc purchased a new position in Adobe in the 3rd quarter valued at approximately $36,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have commented on ADBE shares. Piper Sandler reiterated an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. Barclays boosted their price objective on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Sanford C. Bernstein dropped their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. UBS Group reduced their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Finally, Bank of America reissued a “buy” rating and set a $640.00 price objective on shares of Adobe in a research note on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Trading Down 2.2 %

Shares of ADBE opened at $513.68 on Thursday. The stock’s fifty day simple moving average is $503.39 and its 200 day simple moving average is $519.76. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $226.12 billion, a P/E ratio of 43.39, a price-to-earnings-growth ratio of 2.67 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates 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 return on equity of 42.82% and a net margin of 25.59%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period last year, the business posted $3.26 EPS. On average, equities research analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe 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 transaction, 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Daniel Durn sold 6,500 shares of the 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 sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This represents a 23.78 % 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 worth $17,736,369 over the last ninety days. 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.