Plato Investment Management Ltd Has $6.77 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Plato Investment Management Ltd boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 0.4% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 13,080 shares of the software company’s stock after buying an additional 57 shares during the period. Adobe makes up 0.5% of Plato Investment Management Ltd’s portfolio, making the stock its 29th largest holding. Plato Investment Management Ltd’s holdings in Adobe were worth $6,766,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of ADBE. Cable Hill Partners LLC grew its position in shares of Adobe by 31.7% in the third quarter. Cable Hill Partners LLC now owns 1,374 shares of the software company’s stock valued at $711,000 after purchasing an additional 331 shares during the last quarter. Bell Bank boosted its stake in Adobe by 2.1% in the 3rd quarter. Bell Bank now owns 1,202 shares of the software company’s stock valued at $622,000 after purchasing an additional 25 shares during the period. ICICI Prudential Asset Management Co Ltd grew its holdings in Adobe by 7.2% in the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 29,745 shares of the software company’s stock valued at $15,401,000 after buying an additional 2,005 shares in the last quarter. Kovack Advisors Inc. increased its position in Adobe by 12.9% during the 3rd quarter. Kovack Advisors Inc. now owns 2,131 shares of the software company’s stock worth $1,103,000 after buying an additional 244 shares during the period. Finally, Arjuna Capital increased its position in Adobe by 10.6% during the 3rd quarter. Arjuna Capital now owns 4,848 shares of the software company’s stock worth $2,510,000 after buying an additional 465 shares during the period. 81.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ADBE. Piper Sandler restated an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. UBS Group reduced their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Barclays lifted their price objective on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Morgan Stanley reiterated an “overweight” rating and set a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. Finally, JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Insiders Place Their Bets

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

Adobe Stock Performance

Adobe stock opened at $532.50 on Thursday. The business has a 50 day moving average of $512.61 and a 200-day moving average of $517.56. The company has a market capitalization of $234.41 billion, a P/E ratio of 44.97, a P/E/G ratio of 2.71 and a beta of 1.30. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. 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 (NASDAQ:ADBE) last announced 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. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company’s revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the company posted $3.26 EPS. On average, equities research analysts predict that Adobe Inc. will post 14.82 earnings per share for the current year.

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.