Adobe Inc. (NASDAQ:ADBE) Shares Bought by Atreides Management LP

Atreides Management LP raised its stake in Adobe Inc. (NASDAQ:ADBE) by 8.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 281,890 shares of the software company’s stock after acquiring an additional 20,876 shares during the quarter. Adobe makes up approximately 3.7% of Atreides Management LP’s investment portfolio, making the stock its 6th largest position. Atreides Management LP owned approximately 0.06% of Adobe worth $145,957,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of ADBE. Piscataqua Savings Bank increased its position in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in shares of Adobe in the third quarter valued at approximately $30,000. True Wealth Design LLC increased its position in shares of Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 34 shares in the last quarter. Summit Securities Group LLC purchased a new stake in shares of Adobe in the second quarter valued at approximately $33,000. Finally, Briaud Financial Planning Inc purchased a new stake in shares of Adobe in the third quarter valued at approximately $36,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Price Performance

ADBE opened at $515.93 on Monday. The stock’s 50-day moving average price is $503.01 and its 200 day moving average price is $520.50. Adobe Inc. has a 12-month low of $433.97 and a 12-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 cap of $227.11 billion, a price-to-earnings ratio of 43.58, a PEG ratio of 2.66 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (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 firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the prior year, the company earned $3.26 EPS. Adobe’s revenue was up 10.6% on a year-over-year basis. As a group, sell-side analysts expect that Adobe Inc. will post 14.82 earnings per share for the current year.

Insider Buying and Selling

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. This represents a 23.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,187 shares of company stock valued at $17,736,369. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ADBE. Citigroup boosted their price objective on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Oppenheimer reiterated an “outperform” rating and set a $625.00 price target on shares of Adobe in a research report on Friday, September 13th. Argus upgraded Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Barclays boosted their price target on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 price target on shares of Adobe in a research report on Tuesday, October 15th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Profile

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.