Channing Global Advisors LLC Acquires Shares of 8,936 Adobe Inc. (NASDAQ:ADBE)

Channing Global Advisors LLC purchased a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the 3rd quarter, Holdings Channel.com reports. The institutional investor purchased 8,936 shares of the software company’s stock, valued at approximately $4,627,000. Adobe comprises approximately 3.9% of Channing Global Advisors LLC’s holdings, making the stock its 8th largest position.

Other institutional investors have also modified their holdings of the company. FMR LLC increased its position in shares of Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after acquiring an additional 787,356 shares in the last quarter. Fisher Asset Management LLC raised its stake in Adobe by 2.0% during the third quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock worth $2,516,196,000 after acquiring an additional 93,143 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Adobe by 3.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock worth $2,455,079,000 after acquiring an additional 140,390 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Adobe by 0.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,716,451 shares of the software company’s stock valued at $1,406,524,000 after purchasing an additional 21,444 shares during the period. Finally, Principal Financial Group Inc. lifted its position in Adobe by 0.6% in the second quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock worth $1,097,475,000 after purchasing an additional 12,065 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

ADBE opened at $513.68 on Friday. The stock’s 50 day simple moving average is $503.14 and its 200 day simple moving average is $519.72. 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 1 year low of $433.97 and a 1 year high of $638.25. The firm has a market cap of $226.12 billion, a price-to-earnings ratio of 43.39, a PEG ratio of 2.65 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter last year, the business posted $3.26 EPS. As a group, analysts predict that Adobe Inc. will post 14.82 earnings per share for the current year.

Wall Street Analyst Weigh In

ADBE has been the topic of several research analyst reports. Citigroup boosted their price target on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Barclays upped their price target on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Argus upgraded Adobe to a “strong-buy” rating in a report on Monday, September 16th. Piper Sandler reissued an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research note on Friday, September 13th. Finally, Stifel Nicolaus upped their price objective on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $606.40.

Insider Buying and Selling at Adobe

In related news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Friday, October 25th. The shares were 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 owns 18,128 shares in the company, valued at $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is 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.