Northcape Capital Pty Ltd Has $1.85 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Northcape Capital Pty Ltd trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 9.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 3,570 shares of the software company’s stock after selling 394 shares during the quarter. Adobe makes up about 0.3% of Northcape Capital Pty Ltd’s portfolio, making the stock its 21st biggest position. Northcape Capital Pty Ltd’s holdings in Adobe were worth $1,848,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of ADBE. Tradewinds Capital Management LLC boosted its holdings in shares of Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after buying an additional 40 shares during the period. Salomon & Ludwin LLC lifted its position in shares of Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares in the last quarter. Summit Securities Group LLC purchased a new stake in shares of Adobe in the 2nd quarter valued at approximately $33,000. Steph & Co. boosted its stake in Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the period. Finally, Lynx Investment Advisory acquired a new stake in Adobe during the 2nd quarter valued at $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity

In other Adobe news, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the sale, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,579,186.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,759 shares of company stock valued at $17,642,653. Insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on ADBE shares. Argus raised Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Barclays lifted their target price on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Oppenheimer reissued an “outperform” rating and issued a $625.00 price target on shares of Adobe in a research report on Friday, September 13th. Piper Sandler Companies reaffirmed an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, July 12th. Finally, Sanford C. Bernstein cut their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Stock Performance

ADBE traded down $8.15 during midday trading on Friday, reaching $495.42. The company’s stock had a trading volume of 2,992,409 shares, compared to its average volume of 3,229,145. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The stock has a market cap of $219.67 billion, a P/E ratio of 44.51, a PEG ratio of 2.55 and a beta of 1.29. The company has a fifty day simple moving average of $537.29 and a 200 day simple moving average of $515.80. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the previous year, the firm posted $3.26 earnings per share. Adobe’s revenue was up 10.6% compared to the same quarter last year. Research analysts expect that Adobe Inc. will post 14.8 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.