Roberts Wealth Advisors LLC raised its holdings in Adobe Inc. (NASDAQ:ADBE – Free Report) by 0.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,848 shares of the software company’s stock after buying an additional 60 shares during the period. Adobe comprises about 1.5% of Roberts Wealth Advisors LLC’s holdings, making the stock its 25th largest position. Roberts Wealth Advisors LLC’s holdings in Adobe were worth $3,349,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in the business. NewSquare Capital LLC increased its position in shares of Adobe by 278.9% during the first quarter. NewSquare Capital LLC now owns 72 shares of the software company’s stock worth $28,000 after purchasing an additional 53 shares in the last quarter. Financial Freedom LLC purchased a new stake in Adobe in the 4th quarter valued at approximately $29,000. Financial Management Professionals Inc. raised its stake in shares of Adobe by 171.0% during the 1st quarter. Financial Management Professionals Inc. now owns 84 shares of the software company’s stock worth $32,000 after buying an additional 53 shares in the last quarter. Independence Bank of Kentucky raised its stake in shares of Adobe by 209.1% during the 2nd quarter. Independence Bank of Kentucky now owns 68 shares of the software company’s stock worth $33,000 after buying an additional 46 shares in the last quarter. Finally, Fortis Capital Advisors LLC purchased a new stake in shares of Adobe in the fourth quarter valued at approximately $35,000. 80.00% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
A number of research firms have commented on ADBE. Atlantic Securities boosted their target price on Adobe from $420.00 to $580.00 in a research report on Friday, June 16th. Stifel Nicolaus upped their target price on Adobe from $550.00 to $600.00 and gave the company a “buy” rating in a research note on Friday. Morgan Stanley raised shares of Adobe from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $510.00 to $660.00 in a research report on Monday, July 31st. Piper Sandler lifted their target price on Adobe from $572.00 to $650.00 and gave the company an “overweight” rating in a report on Friday. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $615.00 price objective on shares of Adobe in a research report on Friday. Nine investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $588.15.
Insider Buying and Selling
In related news, CAO Mark S. Garfield sold 298 shares of the firm’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $526.74, for a total value of $156,968.52. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,135,930.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CEO Shantanu Narayen sold 35,000 shares of the business’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $478.03, for a total value of $16,731,050.00. Following the completion of the sale, the chief executive officer now owns 403,352 shares of the company’s stock, valued at $192,814,356.56. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 298 shares of the stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $526.74, for a total transaction of $156,968.52. Following the sale, the chief accounting officer now owns 4,055 shares in the company, valued at $2,135,930.70. The disclosure for this sale can be found here. In the last quarter, insiders have sold 43,089 shares of company stock valued at $20,720,115. 0.24% of the stock is owned by company insiders.
Adobe Price Performance
Shares of Adobe stock traded down $0.74 during mid-day trading on Tuesday, reaching $531.68. 281,670 shares of the stock were exchanged, compared to its average volume of 3,206,126. The company has a current ratio of 1.25, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. The company has a market cap of $242.34 billion, a price-to-earnings ratio of 48.00, a price-to-earnings-growth ratio of 3.17 and a beta of 1.33. Adobe Inc. has a fifty-two week low of $274.73 and a fifty-two week high of $570.24. The firm has a 50-day simple moving average of $530.08 and a 200 day simple moving average of $443.78.
Adobe (NASDAQ:ADBE – Get Free Report) last posted its earnings results on Thursday, September 14th. The software company reported $4.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.98 by $0.11. The company had revenue of $4.89 billion during the quarter, compared to analyst estimates of $4.87 billion. Adobe had a return on equity of 37.73% and a net margin of 27.11%. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period in the previous year, the company earned $2.63 EPS. On average, sell-side analysts predict that Adobe Inc. will post 12.58 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.
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