Drive Wealth Management LLC Grows Position in Adobe Inc. (NASDAQ:ADBE)

Drive Wealth Management LLC grew its stake in Adobe Inc. (NASDAQ:ADBE) by 8.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,565 shares of the software company’s stock after buying an additional 122 shares during the quarter. Drive Wealth Management LLC’s holdings in Adobe were worth $810,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in ADBE. Delta Asset Management LLC TN boosted its position in shares of Adobe by 0.6% in the first quarter. Delta Asset Management LLC TN now owns 24,042 shares of the software company’s stock worth $12,132,000 after purchasing an additional 152 shares during the period. Capitolis Liquid Global Markets LLC raised its holdings in Adobe by 147.1% during the first quarter. Capitolis Liquid Global Markets LLC now owns 51,900 shares of the software company’s stock valued at $26,189,000 after acquiring an additional 30,900 shares during the period. Bessemer Group Inc. lifted its position in shares of Adobe by 47.9% in the first quarter. Bessemer Group Inc. now owns 33,346 shares of the software company’s stock valued at $16,827,000 after acquiring an additional 10,793 shares in the last quarter. Lake Street Advisors Group LLC boosted its stake in shares of Adobe by 35.7% in the first quarter. Lake Street Advisors Group LLC now owns 4,393 shares of the software company’s stock worth $2,217,000 after acquiring an additional 1,156 shares during the period. Finally, RB Capital Management LLC grew its position in shares of Adobe by 2.8% during the first quarter. RB Capital Management LLC now owns 4,885 shares of the software company’s stock worth $2,465,000 after purchasing an additional 133 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In related news, CFO Daniel Durn sold 6,500 shares of Adobe 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 sale, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 23.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. The trade was a 6.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock valued at $17,736,369 in the last three months. Company insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of a number of research analyst reports. Argus raised shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Barclays raised 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. Piper Sandler reiterated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research note on Friday, September 13th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Finally, Citigroup lifted their target price on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Price Performance

ADBE opened at $503.37 on Monday. The business has a fifty day moving average of $509.79 and a 200 day moving average of $518.69. The stock has a market cap of $221.58 billion, a P/E ratio of 42.51, a PEG ratio of 2.59 and a beta of 1.30. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its 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 firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business’s revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm earned $3.26 earnings per share. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.82 EPS for the current year.

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.