Latitude Advisors LLC Acquires 23 Shares of Adobe Inc. (NASDAQ:ADBE)

Latitude Advisors LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 4.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 555 shares of the software company’s stock after buying an additional 23 shares during the quarter. Latitude Advisors LLC’s holdings in Adobe were worth $287,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Janney Montgomery Scott LLC increased its position in Adobe by 0.4% during the 3rd quarter. Janney Montgomery Scott LLC now owns 97,316 shares of the software company’s stock valued at $50,388,000 after purchasing an additional 364 shares during the period. Prossimo Advisors LLC increased its position in Adobe by 1.0% during the 3rd quarter. Prossimo Advisors LLC now owns 2,753 shares of the software company’s stock valued at $1,425,000 after purchasing an additional 26 shares during the period. New Covenant Trust Company N.A. acquired a new stake in Adobe during the 3rd quarter valued at approximately $221,000. Northern Financial Advisors Inc increased its position in Adobe by 19.4% during the 3rd quarter. Northern Financial Advisors Inc now owns 922 shares of the software company’s stock valued at $477,000 after purchasing an additional 150 shares during the period. Finally, Conning Inc. increased its position in Adobe by 19.1% during the 3rd quarter. Conning Inc. now owns 3,987 shares of the software company’s stock valued at $2,064,000 after purchasing an additional 638 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In related news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock worth $17,736,369 in the last ninety days. Company insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Oppenheimer reaffirmed an “outperform” rating and set a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. Piper Sandler reaffirmed an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, September 13th. Citigroup raised their price objective on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Barclays raised their price objective on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Finally, Stifel Nicolaus raised their price objective on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Trading Up 1.0 %

NASDAQ ADBE opened at $482.80 on Friday. The stock has a market capitalization of $212.53 billion, a price-to-earnings ratio of 40.78, a PEG ratio of 2.51 and a beta of 1.29. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. 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 fifty day moving average is $522.17 and its 200-day moving average is $515.91.

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