Sky Investment Group LLC Increases Position in Adobe Inc. (NASDAQ:ADBE)

Sky Investment Group LLC increased its holdings in Adobe Inc. (NASDAQ:ADBEGet Rating) by 14.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,083 shares of the software company’s stock after purchasing an additional 264 shares during the quarter. Sky Investment Group LLC’s holdings in Adobe were worth $949,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Norges Bank purchased a new position in shares of Adobe during the 4th quarter valued at approximately $2,378,829,000. Castleview Partners LLC purchased a new stake in Adobe in the 4th quarter worth $3,260,000. BlackRock Inc. raised its position in Adobe by 3.3% during the fourth quarter. BlackRock Inc. now owns 37,526,571 shares of the software company’s stock worth $21,279,818,000 after acquiring an additional 1,212,093 shares during the period. C WorldWide Group Holding A S purchased a new position in Adobe during the fourth quarter valued at $445,585,000. Finally, State Street Corp grew its position in shares of Adobe by 3.4% in the fourth quarter. State Street Corp now owns 19,551,566 shares of the software company’s stock valued at $11,086,911,000 after purchasing an additional 643,656 shares during the period. Institutional investors own 82.54% of the company’s stock.

Shares of Adobe stock traded up $8.08 during trading hours on Thursday, reaching $373.41. 57,852 shares of the company’s stock were exchanged, compared to its average volume of 3,497,868. The company has a current ratio of 1.07, a quick ratio of 1.04 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $176.44 billion, a price-to-earnings ratio of 35.68, a price-to-earnings-growth ratio of 1.98 and a beta of 1.08. The company has a fifty day moving average of $403.52 and a 200-day moving average of $467.67. Adobe Inc. has a 52-week low of $338.00 and a 52-week high of $699.54.

Adobe (NASDAQ:ADBEGet Rating) last released its quarterly earnings data on Thursday, June 16th. The software company reported $3.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.31 by $0.04. Adobe had a net margin of 29.29% and a return on equity of 36.70%. During the same quarter in the prior year, the company earned $2.56 earnings per share. On average, equities research analysts anticipate that Adobe Inc. will post 10.98 earnings per share for the current fiscal year.

In other Adobe news, Director John E. Warnock sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 26th. The stock was sold at an average price of $404.30, for a total transaction of $2,021,500.00. Following the sale, the director now owns 405,165 shares in the company, valued at $163,808,209.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott Belsky sold 2,750 shares of Adobe stock in a transaction that occurred on Friday, March 25th. The stock was sold at an average price of $435.44, for a total value of $1,197,460.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 11,075 shares of company stock valued at $4,596,246. 0.23% of the stock is owned by company insiders.

A number of research analysts recently weighed in on ADBE shares. Piper Sandler decreased their price target on shares of Adobe from $545.00 to $430.00 and set an “overweight” rating on the stock in a research note on Friday, June 17th. Morgan Stanley lowered Adobe from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $591.00 to $362.00 in a research note on Tuesday. Credit Suisse Group reduced their price objective on Adobe from $525.00 to $425.00 and set a “neutral” rating for the company in a research note on Friday, June 17th. The Goldman Sachs Group lowered their target price on shares of Adobe from $710.00 to $605.00 and set a “buy” rating on the stock in a research note on Thursday, March 24th. Finally, Exane BNP Paribas started coverage on shares of Adobe in a research report on Tuesday, March 29th. They issued an “outperform” rating and a $570.00 target price for the company. Seven analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $489.31.

Adobe Profile (Get Rating)

Adobe Inc 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.

Further Reading

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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