Rakuten Securities Inc. Raises Stake in Adobe Inc. (NASDAQ:ADBE)

Rakuten Securities Inc. raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 7.4% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 635 shares of the software company’s stock after acquiring an additional 44 shares during the period. Rakuten Securities Inc.’s holdings in Adobe were worth $329,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Piscataqua Savings Bank raised its holdings in shares of Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares in the last quarter. Summit Securities Group LLC purchased a new stake in shares of Adobe in the 2nd quarter valued at about $33,000. Lynx Investment Advisory purchased a new stake in shares of Adobe in the 2nd quarter valued at about $39,000. Hobbs Group Advisors LLC purchased a new stake in shares of Adobe in the 2nd quarter valued at about $39,000. Finally, Highline Wealth Partners LLC purchased a new stake in shares of Adobe in the 3rd quarter valued at about $38,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ADBE. Oppenheimer reiterated 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 reiterated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research report on Tuesday, October 15th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Stifel Nicolaus increased 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. Finally, StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Up 2.0 %

Shares of NASDAQ:ADBE opened at $504.48 on Tuesday. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The stock has a fifty day simple moving average of $513.50 and a two-hundred day simple moving average of $517.22. 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 stock has a market capitalization of $222.07 billion, a price-to-earnings ratio of 42.61, a PEG ratio of 2.55 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping 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 firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the previous year, the business earned $3.26 earnings per share. The company’s revenue was up 10.6% on a year-over-year basis. On average, research analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Insider Transactions 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 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock worth $17,736,369 over the last quarter. 0.15% of the stock is currently owned by 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.