Shariaportfolio Inc. Purchases 347 Shares of Adobe Inc. (NASDAQ:ADBE)

Shariaportfolio Inc. boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 12.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,128 shares of the software company’s stock after buying an additional 347 shares during the period. Adobe makes up approximately 0.9% of Shariaportfolio Inc.’s investment portfolio, making the stock its 19th largest position. Shariaportfolio Inc.’s holdings in Adobe were worth $1,738,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Steph & Co. lifted its stake in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares during the period. International Assets Investment Management LLC increased its holdings in shares of Adobe by 16.2% during the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock valued at $1,435,000 after acquiring an additional 398 shares in the last quarter. Choreo LLC raised its holdings in Adobe by 4.7% during the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after buying an additional 197 shares during the last quarter. Eagle Asset Management Inc. raised its holdings in shares of Adobe by 14.7% in the 4th quarter. Eagle Asset Management Inc. now owns 24,400 shares of the software company’s stock worth $14,557,000 after acquiring an additional 3,120 shares during the last quarter. Finally, Quest Partners LLC lifted its holdings in shares of Adobe by 23.3% in the second quarter. Quest Partners LLC now owns 588 shares of the software company’s stock valued at $327,000 after purchasing an additional 111 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on ADBE. Oppenheimer restated an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a research note on Friday, September 13th. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price objective on shares of Adobe in a report on Friday, June 7th. Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research note on Friday, September 13th. Citigroup raised their price objective on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Finally, TD Cowen decreased their target price on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research note on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $606.58.

Insider Activity at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction 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 sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction 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 sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 27,259 shares of company stock worth $14,855,543. 0.15% of the stock is currently owned by company insiders.

Adobe Stock Down 1.2 %

ADBE opened at $515.03 on Wednesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The business has a 50 day simple moving average of $551.66 and a 200-day simple moving average of $519.07. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The stock has a market capitalization of $228.36 billion, a P/E ratio of 46.27, a P/E/G ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company 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 posted $3.26 EPS. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, equities analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

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.