Veracity Capital LLC Increases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Veracity Capital LLC boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 5.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,213 shares of the software company’s stock after purchasing an additional 64 shares during the quarter. Veracity Capital LLC’s holdings in Adobe were worth $628,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. International Assets Investment Management LLC raised its position in shares of Adobe by 16.2% during the 1st quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock valued at $1,435,000 after buying an additional 398 shares in the last quarter. Salem Investment Counselors Inc. raised its position in shares of Adobe by 1.5% during the 1st quarter. Salem Investment Counselors Inc. now owns 2,232 shares of the software company’s stock valued at $1,126,000 after buying an additional 33 shares in the last quarter. Steph & Co. raised its position in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares in the last quarter. Northwest Investment Counselors LLC purchased a new stake in shares of Adobe during the 1st quarter valued at about $63,000. Finally, CHICAGO TRUST Co NA raised its position in shares of Adobe by 3.2% during the 1st quarter. CHICAGO TRUST Co NA now owns 4,982 shares of the software company’s stock valued at $2,514,000 after buying an additional 153 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Argus upgraded shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Oppenheimer reiterated an “outperform” rating and set a $625.00 price target on shares of Adobe in a report on Friday, September 13th. Piper Sandler Companies reiterated an “overweight” rating and set a $635.00 price target on shares of Adobe in a report on Friday, July 12th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Finally, Citigroup upped their price target on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Trading Down 0.4 %

NASDAQ ADBE opened at $494.90 on Friday. The company has a fifty day simple moving average of $535.45 and a two-hundred day simple moving average of $515.78. The stock has a market cap of $219.44 billion, a P/E ratio of 44.47, a P/E/G ratio of 2.55 and a beta of 1.29. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. 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 posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the company posted $3.26 earnings per share. On average, analysts forecast that Adobe Inc. will post 14.8 earnings per share for the current year.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction on Tuesday, October 15th. The shares were 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 owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. This represents a 0.00 % 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 the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the sale, the executive vice president now owns 18,831 shares in the company, valued at $9,675,744.42. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 33,608 shares of company stock valued at $17,486,391. Insiders own 0.15% of the company’s stock.

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.