Schear Investment Advisers LLC Purchases 495 Shares of Adobe Inc. (NASDAQ:ADBE)

Schear Investment Advisers LLC grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 13.2% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 4,255 shares of the software company’s stock after buying an additional 495 shares during the quarter. Adobe makes up approximately 1.4% of Schear Investment Advisers LLC’s portfolio, making the stock its 19th largest position. Schear Investment Advisers LLC’s holdings in Adobe were worth $2,203,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Piscataqua Savings Bank increased its position in Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the period. Summit Securities Group LLC bought a new position in Adobe during the 2nd quarter worth $33,000. Highline Wealth Partners LLC bought a new position in Adobe during the 3rd quarter worth $38,000. Lynx Investment Advisory bought a new position in Adobe during the 2nd quarter worth $39,000. Finally, Hobbs Group Advisors LLC bought a new position in Adobe during the 2nd quarter worth $39,000. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In related news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the transaction, the executive vice president now directly owns 18,831 shares in the company, valued at approximately $9,675,744.42. This represents a 7.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock valued at $17,736,369 over the last ninety days. 0.15% of the stock is owned by company insiders.

Adobe Stock Performance

Shares of ADBE stock opened at $503.37 on Friday. The business’s 50-day moving average price is $509.79 and its 200-day moving average price is $518.35. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The firm has a market capitalization of $221.58 billion, a price-to-earnings ratio of 42.51, a PEG ratio of 2.74 and a beta of 1.30. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

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

Analysts Set New Price Targets

A number of brokerages recently commented on ADBE. Bank of America restated a “buy” rating and issued a $640.00 price target on shares of Adobe in a research report on Friday, September 13th. Morgan Stanley restated an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research report on Friday, September 13th. Barclays raised their price target on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Piper Sandler restated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Finally, Oppenheimer restated an “outperform” rating and issued a $625.00 price target on shares of Adobe in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average target price of $606.40.

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.