Legal & General Group Plc Purchases New Shares in Adobe Inc. $ADBE

Legal & General Group Plc purchased a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 3,186,554 shares of the software company’s stock, valued at approximately $653,307,000.

A number of other hedge funds have also recently added to or reduced their stakes in ADBE. Western Pacific Wealth Management LP bought a new position in shares of Adobe in the fourth quarter worth about $26,000. Measured Wealth Private Client Group LLC bought a new stake in shares of Adobe during the third quarter valued at approximately $26,000. TrustBank acquired a new stake in shares of Adobe in the fourth quarter valued at approximately $28,000. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in shares of Adobe in the second quarter valued at approximately $28,000. Finally, Lloyd Advisory Services LLC. bought a new position in Adobe in the 4th quarter worth approximately $31,000. Institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on ADBE. Royal Bank Of Canada decreased their price objective on Adobe from $350.00 to $285.00 and set an “outperform” rating on the stock in a research report on Monday, June 8th. Wells Fargo & Company cut their price target on Adobe from $330.00 to $250.00 and set an “overweight” rating on the stock in a research note on Friday, June 12th. Bank of America raised their price target on Adobe from $190.00 to $220.00 and gave the company an “underperform” rating in a report on Wednesday, August 19th. CLSA began coverage on Adobe in a research report on Monday, July 20th. They issued an “outperform” rating and a $300.00 price objective for the company. Finally, Jefferies Financial Group dropped their price objective on Adobe from $290.00 to $230.00 and set a “hold” rating for the company in a report on Friday, June 12th. Seven analysts have rated the stock with a Buy rating, twenty-one have issued a Hold rating and five have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $270.96.

Adobe Stock Performance

Shares of Adobe stock opened at $276.27 on Tuesday. The company has a market capitalization of $109.82 billion, a PE ratio of 15.80, a PEG ratio of 0.93 and a beta of 1.40. Adobe Inc. has a 12 month low of $190.12 and a 12 month high of $370.86. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.42. The stock’s fifty day simple moving average is $234.01 and its 200 day simple moving average is $244.68.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, June 11th. The software company reported $5.96 earnings per share for the quarter, topping the consensus estimate of $5.82 by $0.14. Adobe had a return on equity of 65.11% and a net margin of 28.69%.The firm had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6.45 billion. During the same period in the previous year, the company posted $5.06 earnings per share. The company’s revenue for the quarter was up 12.7% on a year-over-year basis. Adobe has set its FY 2026 guidance at 24.350-24.450 EPS and its Q3 2026 guidance at 6.050-6.100 EPS. On average, research analysts predict that Adobe Inc. will post 19.8 EPS for the current year.

Insider Buying and Selling

In related news, Director David A. Ricks purchased 10,000 shares of the business’s stock in a transaction on Thursday, June 25th. The shares were purchased at an average price of $194.51 per share, with a total value of $1,945,100.00. Following the completion of the purchase, the director owned 17,655 shares in the company, valued at $3,434,074.05. This represents a 130.63% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 416 shares of the company’s stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $264.33, for a total transaction of $109,961.28. Following the completion of the transaction, the chief accounting officer owned 3,824 shares of the company’s stock, valued at $1,010,797.92. This trade represents a 9.81% decrease in their position. The SEC filing for this sale provides additional information. 0.20% of the stock is currently owned by corporate insiders.

About Adobe

Adobe Inc, founded in 1982 by John Warnock and Charles Geschke and headquartered in San Jose, California, is a global software company that develops tools and services for creative professionals, marketers and enterprises. Under the leadership of CEO Shantanu Narayen, who has led the company since 2007, Adobe has evolved from a provider of desktop publishing tools into a cloud-centric provider of digital media and digital experience solutions.

The company’s core offerings are organized around digital media and digital experience.