Adobe Inc. (NASDAQ:ADBE) Shares Purchased by EP Wealth Advisors LLC

EP Wealth Advisors LLC raised its position in Adobe Inc. (NASDAQ:ADBE) by 411.7% during the 3rd quarter, Holdings Channel reports. The firm owned 45,738 shares of the software company’s stock after acquiring an additional 36,799 shares during the quarter. EP Wealth Advisors LLC’s holdings in Adobe were worth $23,682,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Piscataqua Savings Bank increased its stake 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 acquiring an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new position in Adobe during the third quarter worth approximately $30,000. True Wealth Design LLC grew its stake in shares of Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 34 shares during the period. Summit Securities Group LLC acquired a new stake in shares of Adobe during the 2nd quarter worth $33,000. Finally, Briaud Financial Planning Inc purchased a new position in shares of Adobe in the 3rd quarter worth $36,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity

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

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of research analyst reports. Piper Sandler reissued an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Thursday. Stifel Nicolaus increased their price objective on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Citigroup upped their price objective on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Finally, BMO Capital Markets increased their target price on Adobe from $580.00 to $600.00 and gave the stock an “outperform” rating in a report on Friday. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $602.08.

Adobe Stock Up 2.7 %

ADBE opened at $552.96 on Friday. The company has a market capitalization of $243.41 billion, a PE ratio of 46.70, a price-to-earnings-growth ratio of 2.35 and a beta of 1.29. The business has a 50-day moving average of $503.45 and a 200-day moving average of $521.19. 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 fifty-two week low of $433.97 and a fifty-two week high of $638.25.

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

Adobe Company 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.