Other institutional investors have recently engaged in buying and selling shares of Adobe. VELA Investment Management LLC increased its Adobe holdings by 122.2% in the first quarter, now owning 1,958 shares valued at $892,000 after acquiring an additional 1,077 shares. Bornite Capital Management LP entered the Adobe market during the first quarter, investing $15,947,000.
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United Bank boosted its Adobe holdings by 34.7% in the first quarter, owning 2,109 shares valued at $961,000 after purchasing an additional 543 shares. Mirae Asset Global Investments Co. Ltd. increased its Adobe position by 21.0% during the first quarter, now holding 525,897 shares valued at $239,609,000 after adding 91,328 shares.
Adobe
Lastly, Ergoteles LLC raised its Adobe holdings by 138.3% in the first quarter, now owning 6,651 shares valued at $3,030,000 after purchasing an additional 3,860 shares. Currently, 80.00% of Adobe’s stock is held by hedge funds and other institutional investors.
In terms of stock performance, Adobe (NASDAQ: ADBE) opened at $584.68 on Friday, with a twelve-month low of $318.60 and a high of $633.89. The company has a current ratio of 1.25, a quick ratio of 1.25, and a debt-to-equity ratio of 0.23. Adobe’s 50-day moving average is $579.61, and the 200-day moving average is $534.22. The market cap stands at $266.20 billion, with a price-to-earnings ratio of 49.51, a price-to-earnings-growth ratio of 3.22, and a beta of 1.34.
Adobe recently reported quarterly earnings, exceeding the consensus estimate with earnings per share of $4.27 for the quarter. The company had a net margin of 27.97% and a return on equity of 39.31%. Quarterly revenue was $5.05 billion, surpassing analyst estimates. Analysts project Adobe Inc. to post earnings per share of 14.34 for the current fiscal year.
Several analysts have provided updated price targets for Adobe. The Goldman Sachs Group raised their target from $550.00 to $625.00, assigning a “buy” rating. Oppenheimer upgraded Adobe from “market perform” to “outperform,” setting a $660.00 price target. Evercore ISI increased their target to $605.00, also giving the company an “outperform” rating. Wolfe Research raised their target from $580.00 to $650.00, with an “outperform” rating. Piper Sandler reaffirmed an “overweight” rating with a $650.00 target.
Regarding insider trading, EVP Scott Belsky sold 1,991 shares on October 24th at an average price of $544.39, totaling $1,083,880.49. Following this sale, Belsky now owns 21,467 shares valued at $11,686,420.13.
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