Mirabella Financial Services LLP Raises Stock Position in Adobe Inc. (NASDAQ:ADBE)

Mirabella Financial Services LLP raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 152.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,229 shares of the software company’s stock after purchasing an additional 3,158 shares during the quarter. Mirabella Financial Services LLP’s holdings in Adobe were worth $2,631,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. International Assets Investment Management LLC grew its holdings in Adobe by 66,909.7% during the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after acquiring an additional 1,376,333 shares during the period. Swedbank AB acquired a new stake in shares of Adobe during the 1st quarter worth approximately $621,179,000. Longview Partners Guernsey LTD acquired a new stake in shares of Adobe during the 2nd quarter worth approximately $663,745,000. Liberty Wealth Management LLC increased its holdings in shares of Adobe by 55,496.6% during the 2nd quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock valued at $318,127,000 after purchasing an additional 571,615 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV lifted its stake in shares of Adobe by 982.4% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 541,670 shares of the software company’s stock valued at $300,919,000 after purchasing an additional 491,627 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, September 13th. Oppenheimer reiterated an “outperform” rating and set a $625.00 price target on shares of Adobe in a research report on Friday, September 13th. Stifel Nicolaus boosted their price objective on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Finally, UBS Group dropped their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Stock Up 1.0 %

Shares of ADBE opened at $517.25 on Monday. The company’s 50-day moving average price is $503.13 and its 200 day moving average price is $519.25. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a market cap of $227.69 billion, a P/E ratio of 43.26, a price-to-earnings-growth ratio of 2.64 and a beta of 1.30.

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

Insider Activity

In other Adobe news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total value 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. The trade was a 2.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. This represents a 6.53 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,187 shares of company stock valued at $17,736,369. 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.