Claro Advisors LLC Purchases 315 Shares of Adobe Inc. (NASDAQ:ADBE)

Claro Advisors LLC grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 31.2% in the 3rd quarter, HoldingsChannel reports. The firm owned 1,326 shares of the software company’s stock after acquiring an additional 315 shares during the quarter. Claro Advisors LLC’s holdings in Adobe were worth $687,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in ADBE. Piscataqua Savings Bank lifted its stake in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the last quarter. Summit Securities Group LLC bought a new stake in shares of Adobe in the 2nd quarter valued at about $33,000. Highline Wealth Partners LLC bought a new stake in shares of Adobe in the 3rd quarter valued at about $38,000. Lynx Investment Advisory bought a new stake in shares of Adobe in the 2nd quarter valued at about $39,000. Finally, Hobbs Group Advisors LLC bought a new stake in shares of Adobe in the 2nd quarter valued at about $39,000. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ADBE. Oppenheimer reissued an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research note on Friday, September 13th. Bank of America reissued a “buy” rating and issued a $640.00 target price on shares of Adobe in a research note on Friday, September 13th. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $610.00 price target on shares of Adobe in a report on Tuesday, October 15th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Price Performance

NASDAQ ADBE opened at $503.37 on Monday. The business’s fifty day moving average price is $509.79 and its 200-day moving average price is $518.69. The stock has a market capitalization of $221.58 billion, a price-to-earnings ratio of 42.51, a PEG ratio of 2.59 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period last year, the firm earned $3.26 EPS. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, equities analysts predict that Adobe Inc. will post 14.82 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is owned by company insiders.

About Adobe

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.