Callahan Advisors LLC Has $5.79 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Callahan Advisors LLC grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 26.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,185 shares of the software company’s stock after acquiring an additional 2,339 shares during the period. Callahan Advisors LLC’s holdings in Adobe were worth $5,791,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC lifted its position in Adobe by 28.0% during the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after acquiring an additional 1,412 shares during the last quarter. Anchor Investment Management LLC lifted its position in Adobe by 9.8% during the second quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock worth $8,892,000 after acquiring an additional 1,430 shares during the last quarter. Fairscale Capital LLC acquired a new stake in Adobe during the second quarter worth approximately $1,318,000. Daymark Wealth Partners LLC lifted its position in Adobe by 89.8% during the second quarter. Daymark Wealth Partners LLC now owns 9,118 shares of the software company’s stock worth $5,065,000 after acquiring an additional 4,315 shares during the last quarter. Finally, Clearbridge Investments LLC lifted its position in Adobe by 0.8% during the second quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock worth $1,097,044,000 after acquiring an additional 15,685 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CFO Daniel Durn sold 6,500 shares of the business’s 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 sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the sale, the executive vice president now owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ADBE. Stifel Nicolaus raised their target price on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 target price on shares of Adobe in a report on Tuesday, October 15th. Argus raised shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Oppenheimer reaffirmed an “outperform” rating and set a $625.00 target price on shares of Adobe in a report on Friday, September 13th. Finally, Bank of America reaffirmed a “buy” rating and set a $640.00 target price on shares of Adobe in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Performance

Shares of ADBE stock opened at $486.42 on Wednesday. The business’s 50-day moving average price is $518.98 and its 200-day moving average price is $516.41. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The firm has a market capitalization of $214.12 billion, a price-to-earnings ratio of 41.08, a PEG ratio of 2.49 and a beta of 1.30. 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 posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The company 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 firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm earned $3.26 earnings per share. Equities research analysts forecast that Adobe Inc. will post 14.82 EPS for the current year.

About Adobe

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.