Adobe Inc. (NASDAQ:ADBE) Shares Bought by Brown Brothers Harriman & Co.

Brown Brothers Harriman & Co. lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 25.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 560,318 shares of the software company’s stock after purchasing an additional 114,860 shares during the quarter. Adobe comprises about 2.0% of Brown Brothers Harriman & Co.’s investment portfolio, making the stock its 20th largest holding. Brown Brothers Harriman & Co. owned 0.13% of Adobe worth $290,121,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Loomis Sayles & Co. L P increased its stake in Adobe by 1.6% in the 3rd quarter. Loomis Sayles & Co. L P now owns 290,436 shares of the software company’s stock worth $150,382,000 after purchasing an additional 4,524 shares in the last quarter. Boston Family Office LLC lifted its stake in Adobe by 1.3% during the third quarter. Boston Family Office LLC now owns 41,324 shares of the software company’s stock valued at $21,397,000 after buying an additional 511 shares in the last quarter. Concentric Wealth Management LLC boosted its holdings in shares of Adobe by 1.3% in the third quarter. Concentric Wealth Management LLC now owns 7,658 shares of the software company’s stock worth $3,965,000 after buying an additional 95 shares during the period. Harvest Fund Management Co. Ltd increased its position in shares of Adobe by 23.8% in the third quarter. Harvest Fund Management Co. Ltd now owns 23,610 shares of the software company’s stock worth $12,223,000 after acquiring an additional 4,546 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd raised its holdings in shares of Adobe by 308.7% during the third quarter. Dynamic Technology Lab Private Ltd now owns 5,080 shares of the software company’s stock valued at $2,630,000 after acquiring an additional 3,837 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Argus raised shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Piper Sandler restated an “overweight” rating and set a $635.00 price target on shares of Adobe in a report on Friday, September 13th. Sanford C. Bernstein cut their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. Oppenheimer restated an “outperform” rating and set a $625.00 price target on shares of Adobe in a report on Friday, September 13th. Finally, Bank of America reissued a “buy” rating and set a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Stock Up 1.5 %

Shares of NASDAQ:ADBE opened at $512.15 on Monday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market cap of $225.45 billion, a price-to-earnings ratio of 43.26, a P/E/G ratio of 2.64 and a beta of 1.30. The company has a 50 day moving average of $503.13 and a 200-day moving average of $519.25. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the previous year, the business earned $3.26 EPS. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, sell-side analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current year.

Insider Buying and Selling at Adobe

In related news, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,187 shares of company stock valued at $17,736,369. Company insiders own 0.15% of the company’s stock.

Adobe Company 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.