Loomis Sayles & Co. L P Increases Holdings in Adobe Inc. (NASDAQ:ADBE)

by · The Markets Daily

Loomis Sayles & Co. L P increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 1.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 290,436 shares of the software company’s stock after purchasing an additional 4,524 shares during the quarter. Loomis Sayles & Co. L P owned approximately 0.07% of Adobe worth $150,382,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ADBE. Boston Family Office LLC boosted its holdings in shares of Adobe by 1.3% during the 3rd quarter. Boston Family Office LLC now owns 41,324 shares of the software company’s stock valued at $21,397,000 after purchasing an additional 511 shares during the last quarter. Concentric Wealth Management LLC increased 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 purchasing an additional 95 shares during the last quarter. Harvest Fund Management Co. Ltd lifted 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 buying an additional 4,546 shares in the last quarter. Dynamic Technology Lab Private Ltd grew its holdings in Adobe by 308.7% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 5,080 shares of the software company’s stock valued at $2,630,000 after buying an additional 3,837 shares in the last quarter. Finally, Prosperity Financial Group Inc. increased its stake in Adobe by 8.4% in the 3rd quarter. Prosperity Financial Group Inc. now owns 842 shares of the software company’s stock worth $436,000 after acquiring an additional 65 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Barclays raised their target price on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Stifel Nicolaus boosted their target price on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Argus raised Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a research note on Friday, September 13th. Two 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Check Out Our Latest Analysis on Adobe

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $512.15 on Monday. 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 $225.45 billion, a price-to-earnings ratio of 43.26, a price-to-earnings-growth ratio of 2.64 and a beta of 1.30. The firm has a 50 day moving average of $503.13 and a 200 day moving average of $519.25. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE – Get Free Report) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the prior year, the business posted $3.26 EPS. On average, sell-side analysts predict that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. The trade was a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock valued at $17,736,369 in the last 90 days. Insiders own 0.15% of the company’s stock.

Adobe Profile

(Free Report)

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.

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