Zega Financial LLC Makes New Investment in Adobe Inc. (NASDAQ:ADBE)

Zega Financial LLC acquired a new stake in Adobe Inc. (NASDAQ:ADBE) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 2,493 shares of the software company’s stock, valued at approximately $1,385,000. Adobe accounts for 0.2% of Zega Financial LLC’s holdings, making the stock its 27th biggest holding.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Wellington Management Group LLP lifted its stake in Adobe by 1,213.5% during the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after purchasing an additional 1,870,307 shares during the last quarter. Swedbank AB acquired a new stake in Adobe during the first quarter worth approximately $621,179,000. Price T Rowe Associates Inc. MD lifted its position in shares of Adobe by 17.6% during the 1st 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 buying an additional 1,146,718 shares during the last quarter. BlueSpruce Investments LP boosted its holdings in shares of Adobe by 81.1% in the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after buying an additional 575,675 shares in the last quarter. Finally, Liberty Wealth Management LLC grew its position in shares of Adobe by 55,496.6% in the 2nd quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock valued at $318,127,000 after buying an additional 571,615 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Morgan Stanley reissued an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research report on Friday, September 13th. Melius Research reissued a “hold” rating and issued a $510.00 target price on shares of Adobe in a report on Monday, June 10th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Evercore ISI reiterated an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a research note on Friday, June 7th. Finally, Barclays increased their price objective on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $606.58.

Adobe Stock Down 1.2 %

ADBE stock opened at $515.03 on Wednesday. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a market cap 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. The company’s 50-day moving average price is $551.66 and its 200 day moving average price is $519.07.

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, topping analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.26 EPS. On average, research analysts expect that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the 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 sale, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the transaction, the executive vice president now directly owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The disclosure for this sale can be found here. Insiders sold a total of 27,259 shares of company stock worth $14,855,543 over the last 90 days. 0.15% of the stock is currently owned by corporate insiders.

Adobe Company 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.