Rathbones Group PLC Increases Position in Adobe Inc. (NASDAQ:ADBE)

Rathbones Group PLC grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 21.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 527,064 shares of the software company’s stock after purchasing an additional 94,745 shares during the period. Adobe makes up approximately 1.6% of Rathbones Group PLC’s holdings, making the stock its 13th largest position. Rathbones Group PLC owned approximately 0.12% of Adobe worth $292,805,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in ADBE. Tradewinds Capital Management LLC lifted its position in Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares in the last quarter. Salomon & Ludwin LLC boosted its position in shares of Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after buying an additional 45 shares during the last quarter. Summit Securities Group LLC bought a new stake in Adobe in the 2nd quarter worth about $33,000. Steph & Co. raised its position in Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory bought a new position in Adobe during the 2nd quarter valued at about $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ADBE. Wells Fargo & Company lifted their price target on shares of Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Piper Sandler Companies reiterated an “overweight” rating and set a $635.00 target price on shares of Adobe in a research note on Friday, July 12th. Bank of America restated a “buy” rating and issued a $640.00 price target on shares of Adobe in a research note on Friday. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Friday. Finally, Evercore ISI reissued an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research report on Friday, June 7th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $608.83.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the completion of the sale, the executive vice president now owns 20,359 shares in the company, valued at approximately $11,405,722.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred 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 sale, the executive vice president now directly owns 20,359 shares in the company, valued at $11,405,722.57. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Shantanu Narayen sold 25,000 shares of the business’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 transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Insiders have sold 27,523 shares of company stock worth $14,994,277 over the last quarter. Insiders own 0.15% of the company’s stock.

Adobe Stock Down 8.5 %

Shares of NASDAQ:ADBE opened at $536.87 on Friday. The company has a 50-day moving average price of $553.76 and a 200 day moving average price of $519.96. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a market cap of $238.05 billion, a price-to-earnings ratio of 48.24, a PEG ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data 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. 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 40.67% and a net margin of 24.86%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the business posted $3.26 earnings per share. As a group, equities research analysts predict that Adobe Inc. will post 14.69 earnings per share for the current year.

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.