ProShare Advisors LLC has reduced its stake in Adobe Inc. by 18.0% during the third quarter of 2023, now holding shares valued at approximately $196.18 million. According to a recent filing with the Securities and Exchange Commission, the institutional investor owned 556,144 shares after selling 122,070 shares during the quarter.
In addition to ProShare Advisors, several other institutional investors have also adjusted their positions in Adobe. Notably, LSV Asset Management increased its stake by an impressive 350.0% in the second quarter, acquiring 72 shares worth around $28,000. Nexus Investment Management ULC and Horizon Financial Services LLC both entered the Adobe market during the same period, with respective investments valued at $31,000 and $32,000.
As of now, institutional investors collectively own 81.79% of Adobe’s stock, underscoring widespread confidence in the software giant.
Insider Transactions and Stock Performance
In related news, Adobe’s Chief Financial Officer, Daniel Durn, sold 1,646 shares on January 27, 2024, for a total of $485,323.10. This sale, conducted at an average price of $294.85 per share, reduced Durn’s ownership to 41,995 shares, valued at approximately $12.38 million. Currently, insiders hold 0.16% of the company’s stock.
Adobe’s shares opened at $268.38 on a recent Monday, reflecting a market capitalization of $110.17 billion. The company reported a debt-to-equity ratio of 0.53, while its current and quick ratios both stand at 1.00. Over the past year, Adobe’s stock has fluctuated between a low of $264.04 and a high of $465.70.
Analysts continue to monitor Adobe’s performance closely. In their latest quarterly earnings report released on December 10, 2023, Adobe posted earnings of $5.50 per share, surpassing analysts’ expectations of $5.40. The company’s revenue for the quarter reached $6.19 billion, exceeding the anticipated $6.11 billion.
Analyst Ratings and Future Projections
Wall Street analysts have begun issuing their ratings and price targets for Adobe. The Goldman Sachs Group recently initiated coverage with a “sell” rating and a price target of $290.00. Conversely, Mizuho has set a more optimistic target of $390.00, maintaining an “outperform” rating.
Currently, the consensus rating for Adobe is categorized as “Hold,” with a target price averaging $401.13. Notably, one analyst has assigned a “Strong Buy” rating, while ten analysts have designated it as a “Buy,” indicating a diverse range of opinions on the stock’s future trajectory.
Adobe, founded in 1982 and headquartered in San Jose, California, has transformed under the leadership of CEO Shantanu Narayen. The company has shifted its focus from desktop publishing tools to becoming a leader in cloud-based digital media and experience solutions. As it continues to innovate, Adobe remains a significant player in the software industry, attracting the attention of both institutional investors and market analysts alike.
