CWA Asset Management Group LLC Acquires New Shares in Adobe Inc. (NASDAQ:ADBE)

CWA Asset Management Group LLC bought a new position in Adobe Inc. (NASDAQ:ADBE) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 2,512 shares of the software company’s stock, valued at approximately $1,301,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Piscataqua Savings Bank raised its holdings in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares in the last quarter. Summit Securities Group LLC acquired a new position in Adobe during the second quarter valued at approximately $33,000. Lynx Investment Advisory bought a new position in shares of Adobe in the second quarter valued at approximately $39,000. Hobbs Group Advisors LLC acquired a new stake in shares of Adobe in the second quarter worth $39,000. Finally, Highline Wealth Partners LLC bought a new stake in shares of Adobe during the 3rd quarter worth $38,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Argus raised shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Citigroup increased their target price on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. 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 note on Friday, September 6th. Finally, Oppenheimer reissued an “outperform” rating and set a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Stock Down 1.2 %

Shares of NASDAQ ADBE opened at $494.68 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a market cap of $217.76 billion, a price-to-earnings ratio of 41.78, a price-to-earnings-growth ratio of 2.60 and a beta of 1.30. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The firm’s 50-day simple moving average is $514.90 and its 200 day simple moving average is $516.42.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share 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 business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter last year, the business posted $3.26 earnings per share. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, research analysts expect that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Insider Activity

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CAO Jillian Forusz sold 676 shares of the company’s 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 in the company, valued at approximately $1,316,693.55. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Daniel Durn sold 6,500 shares of the business’s 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 $10,740,738.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock valued at $17,736,369 over the last 90 days. 0.15% of the stock is owned by company insiders.

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.