Insight Inv LLC Has $2.98 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Insight Inv LLC raised its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 1,367.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,763 shares of the software company's stock after purchasing an additional 7,234 shares during the quarter. Adobe comprises about 1.1% of Insight Inv LLC's investment portfolio, making the stock its 25th biggest position. Insight Inv LLC's holdings in Adobe were worth $2,977,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently modified their holdings of ADBE. Canandaigua National Bank & Trust Co. lifted its position in shares of Adobe by 25.3% during the first quarter. Canandaigua National Bank & Trust Co. now owns 7,373 shares of the software company's stock worth $2,828,000 after purchasing an additional 1,490 shares in the last quarter. Valley National Advisers Inc. increased its stake in Adobe by 62.5% during the 1st quarter. Valley National Advisers Inc. now owns 642 shares of the software company's stock worth $246,000 after buying an additional 247 shares during the period. Canandaigua National Trust Co of Florida acquired a new position in Adobe in the 1st quarter worth $736,000. Jacobsen Capital Management boosted its holdings in Adobe by 5.5% in the first quarter. Jacobsen Capital Management now owns 982 shares of the software company's stock valued at $377,000 after purchasing an additional 51 shares during the last quarter. Finally, Albion Financial Group UT boosted its stake in shares of Adobe by 22.4% during the 1st quarter. Albion Financial Group UT now owns 2,214 shares of the software company's stock valued at $849,000 after buying an additional 405 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ADBE. Piper Sandler dropped their target price on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Citigroup lowered their price objective on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a report on Monday, June 16th. Morgan Stanley reduced their target price on Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a research report on Friday, March 21st. Finally, JPMorgan Chase & Co. dropped their price target on Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $480.08.

Adobe Stock Performance

Shares of NASDAQ ADBE traded up $1.09 during midday trading on Thursday, reaching $379.56. 2,863,680 shares of the company traded hands, compared to its average volume of 3,423,307. The company has a market cap of $161.01 billion, a price-to-earnings ratio of 24.28, a PEG ratio of 1.86 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The stock has a 50-day moving average price of $395.48 and a 200 day moving average price of $409.36.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. The company had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company's quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.48 EPS. Sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.