Adobe Inc. (NASDAQ:ADBE) Stock Position Raised by Jacobs & Co. CA

Jacobs & Co. CA increased its position in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 0.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 34,417 shares of the software company’s stock after acquiring an additional 119 shares during the quarter. Adobe makes up approximately 1.8% of Jacobs & Co. CA’s holdings, making the stock its 10th biggest holding. Jacobs & Co. CA’s holdings in Adobe were worth $17,366,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ADBE. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Adobe in the 3rd quarter valued at $2,753,000. Eagle Asset Management Inc. grew its holdings in Adobe by 10.4% during the 3rd quarter. Eagle Asset Management Inc. now owns 21,280 shares of the software company’s stock valued at $10,851,000 after purchasing an additional 2,003 shares in the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its stake in Adobe by 43.4% during the 3rd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 1,560 shares of the software company’s stock worth $795,000 after buying an additional 472 shares during the period. Cadence Bank lifted its holdings in Adobe by 0.5% in the 3rd quarter. Cadence Bank now owns 4,983 shares of the software company’s stock worth $2,541,000 after buying an additional 24 shares in the last quarter. Finally, Peloton Wealth Strategists purchased a new position in Adobe in the 3rd quarter valued at about $1,068,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on ADBE shares. UBS Group lowered their price objective on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday, June 14th. Piper Sandler Companies reduced their price target on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Melius Research reaffirmed a “hold” rating and issued a $510.00 price objective on shares of Adobe in a report on Monday, June 10th. Finally, JPMorgan Chase & Co. upgraded shares of Adobe from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $570.00 to $580.00 in a report on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $607.67.

Check Out Our Latest Stock Analysis on ADBE

Adobe Price Performance

Shares of ADBE stock traded up $2.93 during mid-day trading on Tuesday, reaching $527.10. The company’s stock had a trading volume of 587,134 shares, compared to its average volume of 3,552,695. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.16. The firm’s 50-day moving average is $479.66 and its two-hundred day moving average is $536.63. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The company has a market cap of $236.14 billion, a P/E ratio of 47.43, a PEG ratio of 2.78 and a beta of 1.27.

Adobe (NASDAQ:ADBEGet Free Report) last released its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same period in the prior year, the company earned $3.04 EPS. Adobe’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, research analysts predict that Adobe Inc. will post 14.69 earnings per share for the current year.

Adobe declared that its Board of Directors has authorized a stock buyback plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to purchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,270 shares of company stock valued at $1,563,166. Corporate insiders own 0.15% of the company’s stock.

Adobe Company Profile

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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