Advisors Asset Management Inc. Has $10.59 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Advisors Asset Management Inc. reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.4% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 20,458 shares of the software company’s stock after selling 91 shares during the quarter. Advisors Asset Management Inc.’s holdings in Adobe were worth $10,593,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the business. International Assets Investment Management LLC raised its stake in Adobe by 66,909.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after purchasing an additional 1,376,333 shares in the last quarter. Swedbank AB acquired a new stake in shares of Adobe in the first quarter valued at approximately $621,179,000. Longview Partners Guernsey LTD bought a new stake in shares of Adobe in the second quarter valued at approximately $663,745,000. Price T Rowe Associates Inc. MD grew its position in 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 worth $3,857,189,000 after buying an additional 1,146,718 shares in the last quarter. Finally, BlueSpruce Investments LP increased its stake in Adobe by 81.1% during the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after acquiring an additional 575,675 shares during the period. Institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Stifel Nicolaus increased their target price on 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 reissued an “outperform” rating and issued a $610.00 target price on shares of Adobe in a report on Tuesday, October 15th. Morgan Stanley reiterated an “overweight” rating and set a $660.00 price target on shares of Adobe in a research report on Friday, September 13th. Piper Sandler restated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, September 13th. Finally, Barclays raised their target price on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Two 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, the company presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Performance

NASDAQ:ADBE opened at $499.50 on Thursday. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a 50 day simple moving average of $505.27 and a two-hundred day simple moving average of $518.81. The company has a market capitalization of $219.88 billion, a PE ratio of 42.19, a P/E/G ratio of 2.59 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period last year, the business posted $3.26 EPS. The business’s revenue was up 10.6% compared to the same quarter last year. Research analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current year.

Insider Activity at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the business’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 of the company’s stock, valued at $186,569,166. The trade was a 6.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This trade represents a 23.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock valued at $17,736,369 in the last three months. Corporate 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.