Border to Coast Pensions Partnership Ltd Purchases 4,016 Shares of Adobe Inc. (NASDAQ:ADBE)

Border to Coast Pensions Partnership Ltd raised its stake in Adobe Inc. (NASDAQ:ADBE) by 4.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 94,151 shares of the software company’s stock after acquiring an additional 4,016 shares during the quarter. Border to Coast Pensions Partnership Ltd’s holdings in Adobe were worth $48,607,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Onyx Bridge Wealth Group LLC lifted its holdings in Adobe by 3.9% during the second quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after purchasing an additional 19 shares in the last quarter. HTLF Bank increased its position in Adobe by 3.3% in the second quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after purchasing an additional 19 shares during the last quarter. Commonwealth Financial Services LLC increased its position in Adobe by 3.7% in the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after purchasing an additional 19 shares during the last quarter. Orrstown Financial Services Inc. increased its position in Adobe by 0.9% in the second quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock worth $1,257,000 after purchasing an additional 20 shares during the last quarter. Finally, Orser Capital Management LLC increased its position in Adobe by 0.3% in the second quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock worth $3,815,000 after purchasing an additional 20 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Price Performance

ADBE stock traded up $1.71 during mid-day trading on Monday, reaching $496.61. 532,994 shares of the company’s stock were exchanged, compared to its average volume of 3,204,592. The company has a market cap of $220.20 billion, a price-to-earnings ratio of 44.66, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. The stock’s 50 day moving average is $535.45 and its 200 day moving average is $515.91. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the business posted $3.26 earnings per share. On average, research analysts expect that Adobe Inc. will post 14.8 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ADBE. Argus upgraded shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Sanford C. Bernstein cut their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Finally, Bank of America reiterated a “buy” rating and set a $640.00 price objective on shares of Adobe in a research report on Friday, September 13th. 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’s stock. According to MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Activity at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,608 shares of company stock valued at $17,486,391. 0.15% of the stock is currently owned by insiders.

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.