Adobe Inc. (NASDAQ:ADBE) Shares Bought by Purus Wealth Management LLC

Purus Wealth Management LLC boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 9.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,194 shares of the software company’s stock after purchasing an additional 764 shares during the period. Adobe makes up approximately 2.3% of Purus Wealth Management LLC’s holdings, making the stock its 12th biggest position. Purus Wealth Management LLC’s holdings in Adobe were worth $5,108,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Concentrum Wealth Management raised its holdings in Adobe by 11.3% during the 4th quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock worth $1,435,194,000 after buying an additional 244,008 shares during the period. Aveo Capital Partners LLC raised its holdings in shares of Adobe by 5.9% during the fourth quarter. Aveo Capital Partners LLC now owns 932 shares of the software company’s stock valued at $556,000 after acquiring an additional 52 shares during the period. Gryphon Financial Partners LLC lifted its position in shares of Adobe by 22.7% in the 4th quarter. Gryphon Financial Partners LLC now owns 3,561 shares of the software company’s stock valued at $2,066,000 after acquiring an additional 658 shares in the last quarter. TrinityPoint Wealth LLC boosted its stake in Adobe by 3.0% in the 4th quarter. TrinityPoint Wealth LLC now owns 1,097 shares of the software company’s stock worth $654,000 after purchasing an additional 32 shares during the period. Finally, Sachetta LLC acquired a new stake in Adobe during the 4th quarter valued at $83,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Ratings Changes

ADBE has been the topic of several recent analyst reports. Evercore ISI reissued an “outperform” rating and set a $650.00 target price on shares of Adobe in a research note on Friday, June 7th. Mizuho reissued a “buy” rating and set a $640.00 target price (down from $680.00) on shares of Adobe in a research note on Friday, June 7th. Morgan Stanley reissued an “overweight” rating and set a $660.00 target price on shares of Adobe in a research note on Friday, September 13th. Melius downgraded shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 target price on the stock. in a research note on Monday, June 10th. Finally, Barclays boosted their target price on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $606.58.

Adobe Stock Down 1.2 %

Adobe stock opened at $515.03 on Wednesday. The firm has a market cap of $228.36 billion, a price-to-earnings ratio of 46.27, a P/E/G ratio of 3.03 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The firm has a fifty day moving average price of $551.66 and a two-hundred day moving average price of $519.07.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business’s revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.26 EPS. As a group, analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $560.23, for a total transaction of $857,151.90. Following the completion of the transaction, the executive vice president now owns 20,359 shares of the company’s stock, valued at $11,405,722.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The disclosure for this sale can be found here. Insiders sold a total of 27,259 shares of company stock valued at $14,855,543 in the last quarter. Insiders own 0.15% of the company’s stock.

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.