Longview Partners Guernsey LTD buys 1,194,775 shares of Adobe Inc. (NASDAQ:ADBE)

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Longview Partners Guernsey LTD bought a new stake in Adobe Inc. (NASDAQ:ADBE – Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 1,194,775 shares of the software company’s stock, valued at approximately $663,745,000. Adobe comprises about 4.9% of Longview Partners Guernsey LTD’s holdings, making the stock its second largest holding. Longview Partners Guernsey LTD owned approximately 0.27% of Adobe at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ADBE. Westwood Holdings Group Inc. boosted its stake in Adobe by 26.5% in the second quarter. Westwood Holdings Group Inc. now owns 9,287 shares of the software company’s stock worth $5,159,000 after purchasing an additional 1,948 shares during the period. Bulltick Wealth Management LLC boosted its stake in Adobe by 12.5% in the second quarter. Bulltick Wealth Management LLC now owns 23,492 shares of the software company’s stock worth $13,051,000 after purchasing an additional 2,607 shares during the period. Sompo Asset Management Co. Ltd. boosted its stake in Adobe by 4.7% in the second quarter. Sompo Asset Management Co. Ltd. now owns 26,496 shares of the software company’s stock worth $14,720,000 after buying an additional 1,192 shares during the period. Nkcfo LLC boosted its stake in Adobe by 16.0% in the second quarter. Nkcfo LLC now owns 2,900 shares of the software company’s stock worth $1,611,000 after buying an additional 400 shares during the period. Finally, Transatlantique Private Wealth LLC boosted its stake in Adobe by 139.1% in the second quarter. Transatlantique Private Wealth LLC now owns 1,633 shares of the software company’s stock worth $901,000 after purchasing an additional 950 shares during the period. 81.79% of the shares are currently held by hedge funds and other institutional investors.

Analyst upgrades and downgrades

ADBE has been the subject of a number of recent research reports. Melius lowered shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 target price on the stock. in a research note on Monday, June 10th. Mizuho restated a “buy” rating and set a $640.00 target price (down from $680.00) on shares of Adobe in a research note on Friday, June 7th. Morgan Stanley reiterated an “overweight” rating and set a $660.00 target price on shares of Adobe in a research note on Friday, September 13th. Bank of America restated a “buy” rating and set a $640.00 target price on shares of Adobe in a research note on Friday, September 13th. Finally, JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. 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 assigned 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.

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Insider buying and selling

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction dated Tuesday, September 17th. The stock was 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 owns 20,838 shares in the company, valued at $10,740,738.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Adobe news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction dated Tuesday, September 17th. The stock was 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 owns 20,838 shares in the company, valued at $10,740,738.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The disclosure for this sale can be found here. Insiders have sold a total of 33,759 shares of company stock worth $18,205,903 over the last three months. 0.15% of shares are currently held by company insiders.

Adobe price performance

Shares of ADBE opened at $522.30 on Friday. The company has a market cap of $231.59 billion, a P/E ratio of 46.93, a PEG ratio of 3.03 and a beta of 1.29. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a 50-day simple moving average of $549.18 and a 200-day simple moving average of $518.73. The company has a current ratio of 1.16, a quick ratio of 1.16, and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE – Get Free Report ) 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. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. In the same period last year, the company earned $3.26 per share. The company’s revenue for the quarter was up 10.6% year over year. As a group, equities analysts anticipate that Adobe Inc. will post 14.69 EPS for the current year.

Adobe profile

(Free Report)

Adobe Inc, together with its subsidiaries, operates as a diversified worldwide software company. It operates through three segments: Digital Media, Digital Experience and Publishing & Advertising. The Digital Media segment provides products, services and solutions that enable individuals, teams and businesses to create, publish and promote content; and Document Cloud, a unified cloud-based document services platform.