Callahan Advisors LLC Increases Stake in Adobe Inc. (NASDAQ:ADBE)

Callahan Advisors LLC raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 30.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,566 shares of the software company’s stock after purchasing an additional 3,381 shares during the quarter. Callahan Advisors LLC’s holdings in Adobe were worth $6,477,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of ADBE. International Assets Investment Management LLC lifted its position in Adobe by 66,909.7% during the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after purchasing an additional 1,376,333 shares during the last quarter. FMR LLC lifted its holdings in shares of Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after acquiring an additional 787,356 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Adobe by 42.3% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock worth $519,646,000 after acquiring an additional 347,536 shares during the last quarter. Seilern Investment Management Ltd bought a new stake in shares of Adobe in the 4th quarter worth about $110,744,000. Finally, Erste Asset Management GmbH bought a new stake in shares of Adobe in the 3rd quarter worth about $126,703,000. Institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on ADBE shares. Sanford C. Bernstein lowered their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. StockNews.com upgraded shares of Adobe from a “buy” rating to a “strong-buy” rating in a report on Tuesday, January 28th. Piper Sandler lowered their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Finally, Wells Fargo & Company reduced their price target on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Stock Up 0.2 %

NASDAQ:ADBE opened at $460.16 on Tuesday. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $607.32. The stock has a market capitalization of $200.31 billion, a P/E ratio of 37.11, a P/E/G ratio of 2.11 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The company’s 50-day simple moving average is $444.80 and its 200-day simple moving average is $495.59.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same period last year, the business earned $3.52 EPS. The company’s revenue was up 11.1% compared to the same quarter last year. On average, equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Activity

In related news, Director David A. Ricks bought 2,250 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was bought at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the purchase, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the sale, the executive vice president now owns 22,153 shares of the company’s stock, valued at $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,681 shares of company stock worth $2,525,126. Corporate insiders own 0.15% of the company’s stock.

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.