Cassaday & Co Wealth Management LLC Increases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Cassaday & Co Wealth Management LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.8% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 2,311 shares of the software company’s stock after purchasing an additional 62 shares during the period. Cassaday & Co Wealth Management LLC’s holdings in Adobe were worth $1,197,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Delta Asset Management LLC TN increased its stake in Adobe by 0.6% during the 1st quarter. Delta Asset Management LLC TN now owns 24,042 shares of the software company’s stock worth $12,132,000 after buying an additional 152 shares in the last quarter. Capitolis Liquid Global Markets LLC grew its position in shares of Adobe by 147.1% in 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 purchasing an additional 30,900 shares in the last quarter. Bessemer Group Inc. grew 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 purchasing an additional 10,793 shares in the last quarter. Lake Street Advisors Group LLC grew its position 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 valued at $2,217,000 after purchasing an additional 1,156 shares in the last quarter. Finally, RB Capital Management LLC grew its position in shares of Adobe by 2.8% in the first quarter. RB Capital Management LLC now owns 4,885 shares of the software company’s stock valued at $2,465,000 after purchasing an additional 133 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Adobe

In related news, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. This represents a 19.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,187 shares of company stock valued at $17,736,369. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ADBE. UBS Group dropped their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company 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 research report on Friday, September 13th. Stifel Nicolaus upped their price target on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Bank of America reiterated a “buy” rating and issued a $640.00 price objective on shares of Adobe in a report on Friday, September 13th. Finally, Sanford C. Bernstein decreased their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. Two research 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. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Price Performance

ADBE stock opened at $503.37 on Monday. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The firm has a market capitalization of $221.58 billion, a P/E ratio of 42.51, a P/E/G ratio of 2.59 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The business’s 50-day moving average is $509.79 and its two-hundred day moving average is $518.69.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company 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 firm posted $3.26 EPS. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. Analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

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.