Westpac Banking Corp increased its holdings in shares of Adobe Inc (NASDAQ:ADBE) by 9.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 105,307 shares of the software company’s stock after purchasing an additional 9,387 shares during the quarter. Westpac Banking Corp’s holdings in Adobe were worth $31,029,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Dimensional Fund Advisors LP increased its stake in shares of Adobe by 1.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 878,281 shares of the software company’s stock valued at $198,698,000 after acquiring an additional 13,421 shares in the last quarter. Truvestments Capital LLC acquired a new stake in Adobe during the first quarter worth about $59,000. Mercer Global Advisors Inc. ADV acquired a new stake in Adobe during the first quarter worth about $1,680,000. Ipswich Investment Management Co. Inc. grew its holdings in Adobe by 2.8% during the first quarter. Ipswich Investment Management Co. Inc. now owns 1,640 shares of the software company’s stock worth $437,000 after acquiring an additional 45 shares during the period. Finally, First Manhattan Co. grew its holdings in Adobe by 2.5% during the first quarter. First Manhattan Co. now owns 5,532 shares of the software company’s stock worth $1,474,000 after acquiring an additional 135 shares during the period. Institutional investors and hedge funds own 86.37% of the company’s stock.

Adobe stock traded up $4.79 during trading on Tuesday, reaching $293.44. 76,897 shares of the company were exchanged, compared to its average volume of 2,205,951. Adobe Inc has a 52-week low of $204.95 and a 52-week high of $313.11. The firm has a market capitalization of $143.12 billion, a P/E ratio of 52.88, a P/E/G ratio of 2.68 and a beta of 1.08. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.10. The firm’s 50 day moving average price is $301.35.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Tuesday, June 18th. The software company reported $1.83 EPS for the quarter, topping the Zacks’ consensus estimate of $1.78 by $0.05. Adobe had a return on equity of 29.96% and a net margin of 26.25%. The firm had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.70 billion. During the same quarter last year, the business posted $1.66 earnings per share. The firm’s revenue was up 25.0% compared to the same quarter last year. Equities research analysts predict that Adobe Inc will post 6.3 earnings per share for the current year.

Several analysts recently commented on ADBE shares. Royal Bank of Canada reaffirmed an “outperform” rating and set a $295.00 target price on shares of Adobe in a report on Wednesday, June 19th. Credit Suisse Group lifted their price target on Adobe from $300.00 to $325.00 and gave the company a “positive” rating in a report on Wednesday, June 19th. Zacks Investment Research cut Adobe from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th. Bank of America lifted their price target on Adobe from $312.00 to $323.00 and gave the company a “buy” rating in a report on Wednesday, June 19th. Finally, Canaccord Genuity lifted their price target on Adobe from $300.00 to $320.00 and gave the company a “buy” rating in a report on Wednesday, June 19th. Nine analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. Adobe currently has a consensus rating of “Buy” and a consensus target price of $301.69.

In other Adobe news, EVP Ann Lewnes sold 3,000 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $307.13, for a total transaction of $921,390.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John E. Warnock sold 4,000 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $296.94, for a total value of $1,187,760.00. Following the sale, the director now directly owns 16,088 shares of the company’s stock, valued at approximately $4,777,170.72. The disclosure for this sale can be found here. In the last quarter, insiders have sold 29,627 shares of company stock worth $8,638,724. 0.32% of the stock is currently owned by company insiders.

About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

Read More: What does a hold rating mean?

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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