Sierra Capital LLC Has $1.01 Million Position in Adobe Inc. (NASDAQ:ADBE)

Sierra Capital LLC boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 234.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,951 shares of the software company’s stock after acquiring an additional 1,368 shares during the period. Sierra Capital LLC’s holdings in Adobe were worth $1,010,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Swedbank AB acquired a new position in Adobe during the 1st quarter worth about $621,179,000. Longview Partners Guernsey LTD purchased a new stake in shares of Adobe in the second quarter worth approximately $663,745,000. Price T Rowe Associates Inc. MD increased its position in shares of Adobe by 17.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after acquiring an additional 1,146,718 shares during the last quarter. BlueSpruce Investments LP increased its position in shares of Adobe by 81.1% during the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after acquiring an additional 575,675 shares during the last quarter. Finally, Liberty Wealth Management LLC increased its position in shares of Adobe by 55,496.6% during the second quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock valued at $318,127,000 after acquiring an additional 571,615 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,501,989. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,501,989. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the transaction, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,608 shares of company stock valued at $17,486,391 in the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ADBE. Oppenheimer reissued an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $610.00 price target on shares of Adobe in a report on Tuesday, October 15th. Stifel Nicolaus lifted their price objective on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Bank of America restated a “buy” rating and set a $640.00 price target on shares of Adobe in a research report on Friday, September 13th. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Trading Down 1.8 %

Shares of Adobe stock traded down $8.89 on Tuesday, reaching $488.82. The company had a trading volume of 1,058,045 shares, compared to its average volume of 3,198,713. 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. The firm has a market cap of $216.74 billion, a price-to-earnings ratio of 44.39, a P/E/G ratio of 2.55 and a beta of 1.29. The firm’s 50-day moving average price is $534.79 and its two-hundred day moving average price is $515.99.

Adobe (NASDAQ:ADBE) last issued its quarterly 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. The firm had revenue of $5.41 billion during 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%. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period last year, the company earned $3.26 EPS. As a group, research analysts predict that Adobe Inc. will post 14.8 earnings per share for the current fiscal 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.