Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Banque Cantonale Vaudoise

Banque Cantonale Vaudoise increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 11.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,547 shares of the software company’s stock after purchasing an additional 3,099 shares during the period. Adobe makes up 0.6% of Banque Cantonale Vaudoise’s holdings, making the stock its 23rd biggest position. Banque Cantonale Vaudoise’s holdings in Adobe were worth $15,299,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Piscataqua Savings Bank grew its position in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares during the period. MidAtlantic Capital Management Inc. acquired a new stake in shares of Adobe during the 3rd quarter valued at about $30,000. Summit Securities Group LLC acquired a new position in Adobe in the 2nd quarter worth about $33,000. Lynx Investment Advisory purchased a new position in Adobe during the second quarter worth approximately $39,000. Finally, Hobbs Group Advisors LLC acquired a new stake in Adobe in the second quarter valued at approximately $39,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Down 0.8 %

ADBE stock opened at $499.51 on Tuesday. The firm has a market cap of $219.88 billion, a PE ratio of 42.19, a PEG ratio of 2.59 and a beta of 1.30. Adobe Inc. has a one year low of $433.97 and a one year 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’s 50 day moving average price is $508.38 and its 200-day moving average price is $518.85.

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

Insider Buying and Selling at Adobe

In other news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. This trade represents a 23.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now 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. Insiders sold a total of 34,187 shares of company stock worth $17,736,369 over the last three months. Insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Barclays upped their target price on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Piper Sandler reaffirmed an “overweight” rating and set a $635.00 price objective on shares of Adobe in a report on Friday, September 13th. Bank of America reiterated a “buy” rating and issued a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. Royal Bank of Canada restated an “outperform” rating and set a $610.00 price target on shares of Adobe in a research report on Tuesday, October 15th. Finally, Argus upgraded Adobe to a “strong-buy” rating in a report on Monday, September 16th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe 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.