Peak Asset Management LLC Acquires New Stake in Adobe Inc. $ADBE

Peak Asset Management LLC bought a new position in Adobe Inc. (NASDAQ:ADBE - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 13,798 shares of the software company's stock, valued at approximately $2,829,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Adobe during the second quarter worth about $8,437,821,000. Norges Bank bought a new stake in Adobe in the 4th quarter valued at approximately $2,275,165,000. Bank of New York Mellon Corp bought a new stake in Adobe in the 2nd quarter valued at approximately $954,468,000. Deutsche Bank AG acquired a new position in Adobe during the 2nd quarter worth approximately $750,203,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Adobe during the 2nd quarter worth approximately $211,248,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Insider Buying and Selling

In other news, Director David A. Ricks purchased 10,000 shares of Adobe stock in a transaction that occurred on Thursday, June 25th. The stock was acquired at an average cost of $194.51 per share, for a total transaction of $1,945,100.00. Following the purchase, the director directly owned 17,655 shares of the company's stock, valued at $3,434,074.05. This trade represents a 130.63% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 416 shares of the stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $264.33, for a total value of $109,961.28. Following the transaction, the chief accounting officer owned 3,824 shares in the company, valued at $1,010,797.92. The trade was a 9.81% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.20% of the company's stock.

Adobe Stock Up 0.4%

ADBE opened at $276.27 on Tuesday. The stock's fifty day simple moving average is $234.01 and its 200 day simple moving average is $244.68. Adobe Inc. has a 1-year low of $190.12 and a 1-year high of $370.86. The stock has a market cap of $109.82 billion, a PE ratio of 15.80, a price-to-earnings-growth ratio of 0.93 and a beta of 1.40. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.42.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Thursday, June 11th. The software company reported $5.96 earnings per share for the quarter, beating the consensus estimate of $5.82 by $0.14. The company had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6.45 billion. Adobe had a net margin of 28.69% and a return on equity of 65.11%. The company's revenue was up 12.7% on a year-over-year basis. During the same period in the prior year, the firm earned $5.06 earnings per share. Adobe has set its FY 2026 guidance at 24.350-24.450 EPS and its Q3 2026 guidance at 6.050-6.100 EPS. As a group, research analysts expect that Adobe Inc. will post 19.8 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. JPMorgan Chase & Co. decreased their target price on shares of Adobe from $420.00 to $340.00 and set an "overweight" rating for the company in a research report on Friday, June 12th. Barclays reduced their price target on Adobe from $275.00 to $250.00 and set an "equal weight" rating for the company in a research report on Friday, June 12th. TD Cowen lowered their price target on Adobe from $310.00 to $285.00 and set a "hold" rating on the stock in a research report on Monday, June 8th. Jefferies Financial Group dropped their price objective on Adobe from $290.00 to $230.00 and set a "hold" rating on the stock in a research note on Friday, June 12th. Finally, Stifel Nicolaus reissued a "hold" rating and issued a $200.00 target price (down from $350.00) on shares of Adobe in a research note on Friday, June 12th. Seven research analysts have rated the stock with a Buy rating, twenty-one have given a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat, Adobe has an average rating of "Hold" and an average target price of $270.96.

About Adobe

Adobe Inc, founded in 1982 by John Warnock and Charles Geschke and headquartered in San Jose, California, is a global software company that develops tools and services for creative professionals, marketers and enterprises. Under the leadership of CEO Shantanu Narayen, who has led the company since 2007, Adobe has evolved from a provider of desktop publishing tools into a cloud-centric provider of digital media and digital experience solutions.

The company's core offerings are organized around digital media and digital experience.

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