Valley Wealth Managers Inc. Purchases 557 Shares of Adobe Inc. (NASDAQ:ADBE)

Valley Wealth Managers Inc. lifted its holdings in Adobe Inc. (NASDAQ:ADBE) by 41.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,893 shares of the software company’s stock after purchasing an additional 557 shares during the quarter. Valley Wealth Managers Inc.’s holdings in Adobe were worth $980,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Piscataqua Savings Bank increased its position in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the last quarter. Summit Securities Group LLC bought a new position in Adobe during the second quarter valued at $33,000. Lynx Investment Advisory purchased a new stake in shares of Adobe in the second quarter valued at $39,000. Hobbs Group Advisors LLC purchased a new position in shares of Adobe during the 2nd quarter worth about $39,000. Finally, Highline Wealth Partners LLC bought a new position in Adobe during the 3rd quarter valued at about $38,000. Institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ADBE. Bank of America restated a “buy” rating and set a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. UBS Group cut their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Oppenheimer restated an “outperform” rating and issued a $625.00 price target on shares of Adobe in a report on Friday, September 13th. Finally, Sanford C. Bernstein decreased their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Stock Performance

Shares of ADBE stock opened at $503.37 on Friday. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a market cap of $221.58 billion, a PE ratio of 42.51, a price-to-earnings-growth ratio of 2.74 and a beta of 1.30. The business has a 50-day simple moving average of $509.79 and a 200-day simple moving average of $517.96.

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

Insider Buying and Selling

In related news, CFO Daniel Durn sold 6,500 shares of the company’s 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 of the company’s stock, valued at approximately $10,740,738.72. This represents a 23.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,187 shares of company stock valued at $17,736,369. Corporate insiders own 0.15% of the company’s stock.

Adobe 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.