Lifeworks Advisors LLC Grows Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Lifeworks Advisors LLC raised its position in shares of Adobe Inc. (NASDAQ:ADBE) by 4.1% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 664 shares of the software company’s stock after purchasing an additional 26 shares during the period. Lifeworks Advisors LLC’s holdings in Adobe were worth $344,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Tokio Marine Asset Management Co. Ltd. increased its holdings in shares of Adobe by 2.2% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 48,533 shares of the software company’s stock worth $25,129,000 after buying an additional 1,041 shares during the period. Metis Global Partners LLC increased its holdings in shares of Adobe by 1.1% in the third quarter. Metis Global Partners LLC now owns 26,727 shares of the software company’s stock worth $13,839,000 after buying an additional 280 shares during the period. Curi RMB Capital LLC increased its holdings in shares of Adobe by 2.2% in the third quarter. Curi RMB Capital LLC now owns 17,983 shares of the software company’s stock worth $9,311,000 after buying an additional 385 shares during the period. Aubrey Capital Management Ltd increased its holdings in shares of Adobe by 16.4% in the third quarter. Aubrey Capital Management Ltd now owns 737 shares of the software company’s stock worth $382,000 after buying an additional 104 shares during the period. Finally, Zions Bancorporation N.A. increased its holdings in shares of Adobe by 5.2% in the third quarter. Zions Bancorporation N.A. now owns 8,146 shares of the software company’s stock worth $4,218,000 after buying an additional 399 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on ADBE. Bank of America reiterated a “buy” rating and issued a $640.00 price objective on shares of Adobe in a report on Friday, September 13th. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a report on Friday, September 13th. Stifel Nicolaus raised their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. UBS Group cut their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Finally, Barclays raised their target price on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Performance

Adobe stock opened at $529.87 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $233.25 billion, a P/E ratio of 44.75, a PEG ratio of 2.71 and a beta of 1.30. The stock’s 50 day moving average is $511.75 and its 200 day moving average is $517.67. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25.

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

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the transaction, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This represents a 7.51 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. This trade represents a 23.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is owned by corporate insiders.

About Adobe

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.