Erste Asset Management GmbH Takes Position in Adobe Inc. (NASDAQ:ADBE)

Erste Asset Management GmbH acquired a new position in Adobe Inc. (NASDAQ:ADBE) in the third quarter, Holdings Channel.com reports. The institutional investor acquired 245,339 shares of the software company’s stock, valued at approximately $126,703,000. Adobe accounts for approximately 1.5% of Erste Asset Management GmbH’s investment portfolio, making the stock its 9th largest holding.

Other hedge funds have also recently bought and sold shares of the company. Piscataqua Savings Bank increased its holdings in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new stake in Adobe during the third quarter worth approximately $30,000. True Wealth Design LLC grew its holdings in Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 34 shares during the last quarter. Summit Securities Group LLC bought a new position in shares of Adobe in the second quarter valued at approximately $33,000. Finally, Lynx Investment Advisory acquired a new stake in shares of Adobe in the second quarter worth $39,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ADBE. Bank of America reiterated a “buy” rating and issued a $640.00 target price on shares of Adobe in a report on Friday, September 13th. Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research note on Tuesday, October 15th. JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Sanford C. Bernstein dropped their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Finally, Piper Sandler reissued an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average target price of $606.40.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. This represents a 6.53 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,187 shares of company stock valued at $17,736,369. Corporate insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of ADBE stock opened at $515.93 on Friday. 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 stock’s fifty day simple moving average is $503.01 and its 200 day simple moving average is $520.25. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The firm has a market cap of $227.11 billion, a price-to-earnings ratio of 43.58, a P/E/G ratio of 2.65 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate 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 prior year, the firm earned $3.26 EPS. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, analysts expect that Adobe Inc. will post 14.82 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.