Guinness Asset Management LTD Increases Position in Adobe Inc. (NASDAQ:ADBE)

Guinness Asset Management LTD grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 28.6% in the 3rd quarter, Holdings Channel.com reports. The firm owned 65,474 shares of the software company’s stock after acquiring an additional 14,550 shares during the period. Guinness Asset Management LTD’s holdings in Adobe were worth $33,898,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in ADBE. Tradewinds Capital Management LLC raised its position in shares of Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after purchasing an additional 40 shares during the last quarter. Salomon & Ludwin LLC increased its stake in Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares in the last quarter. Summit Securities Group LLC purchased a new position in Adobe in the second quarter worth about $33,000. Steph & Co. grew its holdings in shares of Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory bought a new stake in shares of Adobe during the second quarter valued at approximately $39,000. 81.79% of the stock is owned by institutional investors.

Adobe Price Performance

Shares of NASDAQ:ADBE traded down $8.15 during trading on Friday, hitting $495.42. 2,992,409 shares of the company’s stock were exchanged, compared to its average volume of 3,229,145. The business’s 50-day simple moving average is $537.29 and its 200 day simple moving average is $515.75. The company has a market cap of $218.08 billion, a price-to-earnings ratio of 41.84, a PEG ratio of 2.55 and a beta of 1.29. 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 current ratio of 1.11 and a quick ratio of 1.11.

Adobe (NASDAQ:ADBE) last announced 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. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same period last year, the firm posted $3.26 EPS. The company’s revenue was up 10.6% on a year-over-year basis. As a group, equities analysts predict that Adobe Inc. will post 14.8 EPS for the current year.

Analyst Ratings Changes

Several research analysts have recently weighed in on ADBE shares. Piper Sandler Companies restated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research note on Friday, July 12th. UBS Group lowered their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $570.00 to $580.00 in a research report on Friday, June 14th. Argus raised Adobe to a “strong-buy” rating in a report on Monday, September 16th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Insider Buying and Selling at Adobe

In related news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at approximately $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe 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 approximately $186,569,166. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,759 shares of company stock worth $17,642,653. 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.