Oddo BHF Asset Management Sas Purchases New Stake in Adobe Inc. (NASDAQ:ADBE)

Oddo BHF Asset Management Sas acquired a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 28,240 shares of the software company’s stock, valued at approximately $14,622,000.

Several other hedge funds have also recently bought and sold shares of the company. Piscataqua Savings Bank lifted its position in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the last quarter. Legacy Investment Solutions LLC acquired a new position in Adobe during the third quarter worth about $26,000. Groupama Asset Managment lifted its holdings in shares of Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after acquiring an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in shares of Adobe in the 3rd quarter valued at approximately $30,000. Finally, True Wealth Design LLC boosted its stake in shares of Adobe by 141.7% in the 3rd 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 in the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Trading Down 13.7 %

NASDAQ ADBE opened at $474.63 on Friday. The stock has a market capitalization of $208.93 billion, a P/E ratio of 38.28, a P/E/G ratio of 2.51 and a beta of 1.29. The business has a 50 day simple moving average of $505.99 and a 200 day simple moving average of $523.02. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The company had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same quarter in the previous year, the business posted $3.52 EPS. Adobe’s revenue for the quarter was up 11.1% compared to the same quarter last year. Research analysts expect that Adobe Inc. will post 16.73 earnings per share for the current year.

Insider Buying and Selling at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was 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 owns 357,700 shares in the company, 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 through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,793 shares of company stock valued at $18,069,669. Corporate insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on ADBE. Piper Sandler dropped their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday. Citigroup cut their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday. DA Davidson reduced their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Mizuho dropped their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average target price of $584.88.

Adobe 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.