Lecap Asset Management Ltd. Makes New Investment in Adobe Inc. (NASDAQ:ADBE)

Lecap Asset Management Ltd. purchased a new stake in Adobe Inc. (NASDAQ:ADBE) during the third quarter, Holdings Channel reports. The institutional investor purchased 8,913 shares of the software company’s stock, valued at approximately $4,615,000. Adobe accounts for approximately 1.0% of Lecap Asset Management Ltd.’s investment portfolio, making the stock its 4th biggest position.

Several other hedge funds and other institutional investors have also made changes to their positions in ADBE. Onyx Bridge Wealth Group LLC lifted its holdings in Adobe by 3.9% during the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after buying an additional 19 shares during the last quarter. HTLF Bank lifted its stake in Adobe by 3.3% during the second quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after purchasing an additional 19 shares during the last quarter. Commonwealth Financial Services LLC increased its stake in Adobe by 3.7% during the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock valued at $309,000 after purchasing an additional 19 shares during the last quarter. Orrstown Financial Services Inc. raised its holdings in shares of Adobe by 0.9% during the second quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock worth $1,257,000 after purchasing an additional 20 shares during the period. Finally, Orser Capital Management LLC lifted its position in shares of Adobe by 0.3% in the 2nd quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock worth $3,815,000 after buying an additional 20 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on ADBE shares. Oppenheimer reaffirmed an “outperform” rating and set a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. Argus raised Adobe to a “strong-buy” rating in a report on Monday, September 16th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Citigroup boosted their price objective on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Finally, Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research report on Friday, July 12th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $606.40.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the sale, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at $9,675,744.42. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CFO Daniel Durn sold 6,500 shares of the business’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 transaction of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 1,530 shares of the firm’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 transaction of $786,144.60. Following the completion of the transaction, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at $9,675,744.42. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 33,608 shares of company stock valued at $17,486,391. Corporate insiders own 0.15% of the company’s stock.

Adobe Trading Down 0.9 %

Shares of Adobe stock opened at $493.11 on Wednesday. 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 business has a fifty day simple moving average of $533.94 and a 200-day simple moving average of $516.05. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The firm has a market cap of $218.64 billion, a price-to-earnings ratio of 44.30, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter last year, the firm posted $3.26 EPS. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, equities analysts forecast that Adobe Inc. will post 14.8 EPS for the current fiscal year.

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.