Callahan Advisors LLC Boosts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Callahan Advisors LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 26.4% during the 3rd quarter, Holdings Channel reports. The firm owned 11,185 shares of the software company’s stock after acquiring an additional 2,339 shares during the period. Callahan Advisors LLC’s holdings in Adobe were worth $5,791,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in ADBE. Piscataqua Savings Bank raised its stake in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the period. Summit Securities Group LLC bought a new position in shares of Adobe during the 2nd quarter valued at about $33,000. Highline Wealth Partners LLC purchased a new stake in Adobe during the 3rd quarter valued at about $38,000. Lynx Investment Advisory purchased a new stake in Adobe during the 2nd quarter valued at about $39,000. Finally, Hobbs Group Advisors LLC purchased a new stake in Adobe in the 2nd quarter worth approximately $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ:ADBE opened at $486.42 on Wednesday. The stock has a 50-day simple moving average of $518.98 and a two-hundred day simple moving average of $516.41. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market capitalization of $214.12 billion, a PE ratio of 41.08, a P/E/G ratio of 2.49 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 the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the previous year, the company posted $3.26 earnings per share. Adobe’s revenue for the quarter was up 10.6% on a year-over-year basis. Analysts forecast that Adobe Inc. will post 14.82 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on ADBE shares. Piper Sandler reiterated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, September 13th. Oppenheimer reaffirmed an “outperform” rating and set a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research report on Tuesday, October 15th. Argus raised Adobe to a “strong-buy” rating in a report on Monday, September 16th. Finally, Sanford C. Bernstein reduced their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Buying and Selling at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 34,187 shares of company stock valued at $17,736,369. Company insiders own 0.15% of the company’s stock.

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.