Adobe Inc. (NASDAQ:ADBE) Stake Boosted by Commonwealth Financial Services LLC

Commonwealth Financial Services LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 13.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 607 shares of the software company’s stock after purchasing an additional 70 shares during the quarter. Commonwealth Financial Services LLC’s holdings in Adobe were worth $305,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its stake in Adobe by 28.0% during the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after purchasing an additional 1,412 shares during the last quarter. Anchor Investment Management LLC lifted its stake in Adobe by 9.8% in the second quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock valued at $8,892,000 after buying an additional 1,430 shares during the last quarter. Choreo LLC lifted its stake in Adobe by 4.7% in the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after buying an additional 197 shares during the last quarter. Fairscale Capital LLC bought a new stake in Adobe in the second quarter valued at $1,318,000. Finally, Daymark Wealth Partners LLC lifted its stake in Adobe by 89.8% in the second quarter. Daymark Wealth Partners LLC now owns 9,118 shares of the software company’s stock valued at $5,065,000 after buying an additional 4,315 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Adobe news, CFO Daniel Durn sold 6,500 shares of the 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 transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 33,030 shares of company stock valued at $17,176,005. 0.15% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of analyst reports. Piper Sandler Companies reissued an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research note on Friday, July 12th. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Piper Sandler restated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research report on Tuesday, October 15th. Finally, Argus upgraded Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Trading Down 0.4 %

Shares of ADBE traded down $1.79 during trading hours on Thursday, hitting $483.24. 283,492 shares of the stock traded hands, compared to its average volume of 3,185,305. 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 Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The firm has a market capitalization of $214.27 billion, a PE ratio of 43.58, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. The business has a fifty day moving average of $532.85 and a 200-day moving average of $515.83.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the prior year, the firm posted $3.26 earnings per share. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. Analysts expect that Adobe Inc. will post 14.8 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.