On September 10, 2023, it was reported that Barr E S & Co., an institutional investor, has increased its position in Adobe Inc. (NASDAQ:ADBE) by 37.5% during the 1st quarter. This information was disclosed in the company’s most recent filing with the Securities and Exchange Commission (SEC). The institutional investor now owns a total of 45,603 shares in Adobe, after purchasing an additional 12,439 shares during the period.
With this increase in holdings, Adobe now accounts for approximately 1.5% of Barr E S & Co.’s overall portfolio. It currently stands as their 24th largest holding. As of the latest filing with the SEC, Barr E S & Co.’s holdings in Adobe were valued at $17,574,000.
In further news related to Adobe, CEO Shantanu Narayen sold 35,000 shares of the company’s stock on June 22nd for an average price of $478.03 per share. The total value of this transaction amounted to $16,731,050. Following the sale, Narayen now directly holds 403,352 shares of Adobe stock which is valued at approximately $192,814,356.
This sale by CEO Shantanu Narayen was disclosed in a document filed with the SEC and can be accessed through a provided hyperlink. Another transaction involving Narayen saw him sell an additional 35,000 shares on June 22nd at the same average price per share and total value.
Furthermore, Chief Accounting Officer Mark S. Garfield also sold 298 shares of Adobe stock on August 4th at an average price of $526.74 per share. The total value of this transaction was recorded as $156,968.52. After this sale was completed successfully by Garfield he now directly holds around 4,055 shares of Adobe stock, which equates to an approximate value of $2,135,930.
Additionally, it was revealed that insiders have collectively sold 43,089 shares of Adobe stock in the past three months. The total value of these transactions reached $20,720,115. As a result of these insider sales, corporate insiders now own approximately 0.24% of the company’s outstanding shares.
Overall, the recent activity involving Barr E S & Co.’s increase in holdings and the various insider sales indicate a significant level of movement within Adobe Inc. It will be interesting to observe how these developments impact the software company going forward.
Institutional Investors and Hedge Funds Show Strong Confidence in Adobe Inc. with Significant Stake Increases
Institutional investors and hedge funds have recently made significant changes to their positions in Adobe Inc. (NASDAQ:ADBE). VELA Investment Management LLC, for instance, has boosted its stake in shares of Adobe by a staggering 122.2% in the first quarter of this year. The investment firm now owns 1,958 shares of the software company’s stock, which are valued at $892,000 after purchasing an additional 1,077 shares in the last quarter.
Similarly, Bornite Capital Management LP has acquired a new position in Adobe during the same period. This notable hedge fund’s investment is estimated to be worth about $15,947,000. Furthermore, United Bank has lifted its position in Adobe by 34.7% during the first quarter as well. The bank now holds 2,109 shares of Adobe stock worth $961,000 after buying an additional 543 shares in the last quarter.
Mirae Asset Global Investments Co. Ltd. is yet another institutional investor that has increased its stake in Adobe by 21% during the first quarter. At present, Mirae Asset Global Investments Co. Ltd. owns a substantial amount of 525,897 shares of the software company’s stock valued at $239,609,000 after adding an additional 91,328 shares to its portfolio.
Lastly, Ergoteles LLC has also shown great interest in Adobe by increasing its position by an impressive 138.3% during the first quarter this year. Ergoteles LLC owns 6,651 shares of Adobe stock estimated to be worth $3,030,000 after acquiring an additional 3,860 shares within the same time frame. With these uplifts from various institutional investors and hedge funds such as VELA Investment Management LLC and Bornite Capital Management LP among others; it is clearly evident that there is strong investor confidence in Adobe Inc.
It is interesting to note that institutional investors and hedge funds own a substantial 80.00% of Adobe’s stock, which exemplifies their significant influence on the company’s direction and trajectory.
In addition to the interest shown by institutional investors and hedge funds, several brokerages have also weighed in on the outlook for Adobe. Wells Fargo & Company recently issued a research report raising its price target on shares of Adobe from $525.00 to $600.00. Furthermore, StockNews.com initiated coverage on Adobe with a “buy” rating, indicating their positive sentiment towards the stock.
Deutsche Bank Aktiengesellschaft has upped their target price from $500.00 to $550.00 in another research report regarding Adobe Inc., noting their bullish stance on the stock. DA Davidson also raised its target price on shares of Adobe from $350.00 to $500.00 in their research report, further cementing optimism surrounding the software company’s performance.
To add to these favorable ratings, TheStreet upgraded shares of Adobe from a “c+” rating to a “b-” rating, reflecting an improved perception of the company’s prospects among analysts.
According to data from Bloomberg, there are presently ten analysts who have assigned a hold rating and nineteen who have given a buy rating on Adobe’s stock. This solid support from experts in the industry demonstrates a consensus “Moderate Buy” rating for the company, with an average price target of $532.57.
On September 10th, shares of Adobe traded slightly down at $560.36 during trading hours on NASDAQ (ADBE). The company had 2,265,288 shares exchanged hands compared to its average volume of 2,106,932 shares traded daily.
Adobe Inc., with its current market capitalization standing at approximately $255.41 billion, has consistently shown stellar performance as one of the leading software companies globally.
As per its financial results as of June 15th, 2023, Adobe reported impressive earnings. The company surpassed the consensus estimate of $3.79 earnings per share (EPS) by posting an EPS of $3.91 for the quarter. Moreover, Adobe recorded revenue of $4.82 billion during the same period, surpassing analysts’ expectations of $4.77 billion.
Adobe’s net margin stands at an impressive 26.34%, which demonstrates the company’s ability to generate profit from each dollar of revenue it earns. Additionally, Adobe possesses a return on equity (ROE) of 36.84%, further exemplifying its efficiency in utilizing shareholders’ funds to generate profits.
With these remarkable financial results and the company’s track record of consistent growth year after year, investors can remain confident about Adobe Inc.’s performance throughout this fiscal year and beyond.