Qsemble Capital Management LP Purchases New Position in Adobe Inc. (NASDAQ:ADBE)

Qsemble Capital Management LP acquired a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 9,871 shares of the software company’s stock, valued at approximately $5,111,000. Adobe makes up approximately 0.9% of Qsemble Capital Management LP’s investment portfolio, making the stock its 14th biggest position.

Other institutional investors have also modified their holdings of the company. Acorn Wealth Advisors LLC boosted its position in shares of Adobe by 29.6% in the 3rd quarter. Acorn Wealth Advisors LLC now owns 665 shares of the software company’s stock valued at $344,000 after purchasing an additional 152 shares during the period. Mirabella Financial Services LLP lifted its stake in Adobe by 152.5% in the third quarter. Mirabella Financial Services LLP now owns 5,229 shares of the software company’s stock valued at $2,631,000 after buying an additional 3,158 shares during the last quarter. Hancock Whitney Corp boosted its holdings in shares of Adobe by 0.9% in the third quarter. Hancock Whitney Corp now owns 8,716 shares of the software company’s stock valued at $4,513,000 after acquiring an additional 81 shares during the period. Brown Brothers Harriman & Co. grew its position in shares of Adobe by 25.8% during the third quarter. Brown Brothers Harriman & Co. now owns 560,318 shares of the software company’s stock worth $290,121,000 after acquiring an additional 114,860 shares during the last quarter. Finally, Loomis Sayles & Co. L P increased its holdings in shares of Adobe by 1.6% in the 3rd quarter. Loomis Sayles & Co. L P now owns 290,436 shares of the software company’s stock valued at $150,382,000 after acquiring an additional 4,524 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other news, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,187 shares of company stock valued at $17,736,369. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research note on Tuesday, October 15th. Piper Sandler reissued an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday, September 13th. Bank of America restated a “buy” rating and issued a $640.00 target price on shares of Adobe in a research note on Friday, September 13th. Barclays boosted their price target on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Finally, Argus raised Adobe to a “strong-buy” rating in a report on Monday, September 16th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Up 1.1 %

Shares of ADBE traded up $5.84 during midday trading on Monday, reaching $517.99. 447,575 shares of the company were exchanged, compared to its average volume of 3,135,579. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. 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 $228.02 billion, a price-to-earnings ratio of 43.26, a P/E/G ratio of 2.64 and a beta of 1.30. The stock has a 50-day moving average price of $503.13 and a 200-day moving average price of $519.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business’s revenue was up 10.6% on a year-over-year basis. During the same period last year, the business earned $3.26 EPS. Research analysts expect that Adobe Inc. will post 14.82 earnings per share for the current year.

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.