Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Westwood Holdings Group Inc.

Westwood Holdings Group Inc. grew its position in Adobe Inc. (NASDAQ:ADBE) by 117.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,339 shares of the software company’s stock after acquiring an additional 3,967 shares during the period. Westwood Holdings Group Inc.’s holdings in Adobe were worth $3,703,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Adobe by 1.0% in the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after purchasing an additional 382,803 shares during the period. Price T Rowe Associates Inc. MD raised its position in Adobe by 17.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after acquiring an additional 1,146,718 shares during the last quarter. Norges Bank acquired a new position in Adobe during the fourth quarter worth about $3,277,785,000. Fisher Asset Management LLC raised its position in Adobe by 0.4% during the fourth quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock worth $2,720,548,000 after acquiring an additional 16,379 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Adobe by 2.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,602,297 shares of the software company’s stock valued at $1,552,530,000 after buying an additional 66,180 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 27,523 shares of company stock worth $14,994,277. 0.15% of the stock is owned by company insiders.

Adobe Price Performance

Shares of NASDAQ:ADBE traded down $20.24 during trading hours on Friday, hitting $526.17. 2,729,113 shares of the company’s stock traded hands, compared to its average volume of 2,285,513. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The company’s fifty day simple moving average is $522.70 and its two-hundred day simple moving average is $528.43. The company has a market cap of $233.30 billion, a price-to-earnings ratio of 47.27, a price-to-earnings-growth ratio of 2.85 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. During the same quarter last year, the firm posted $3.04 EPS. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, equities analysts anticipate that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on ADBE shares. TD Cowen cut their price objective on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research report on Monday, June 10th. Barclays boosted their target price on shares of Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Piper Sandler Companies restated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, July 12th. Royal Bank of Canada restated an “outperform” rating and issued a $600.00 target price on shares of Adobe in a report on Thursday. Finally, Sanford C. Bernstein boosted their target price on shares of Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a report on Monday, June 17th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $601.38.

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.