Baron Wealth Management LLC Makes New $215,000 Investment in Adobe Inc. (NASDAQ:ADBE)

Baron Wealth Management LLC bought a new position in Adobe Inc. (NASDAQ:ADBE) in the third quarter, Holdings Channel.com reports. The firm bought 415 shares of the software company’s stock, valued at approximately $215,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its stake in Adobe by 28.0% in the 3rd 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 in the last quarter. Hemenway Trust Co LLC grew its stake in shares of Adobe by 53.1% during the third quarter. Hemenway Trust Co LLC now owns 10,202 shares of the software company’s stock worth $5,282,000 after purchasing an additional 3,539 shares in the last quarter. Crestwood Advisors Group LLC lifted its position in Adobe by 1.0% in the third quarter. Crestwood Advisors Group LLC now owns 149,968 shares of the software company’s stock valued at $77,650,000 after acquiring an additional 1,464 shares during the last quarter. Anchor Investment Management LLC raised its holdings in shares of 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. Finally, Fairscale Capital LLC purchased a new stake in shares of Adobe in the second quarter valued at about $1,318,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction on 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 transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This trade represents a 23.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock valued at $17,736,369 over the last quarter. Company insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

ADBE has been the topic of several research reports. Barclays increased their price target on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. UBS Group decreased their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Oppenheimer reiterated an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. Morgan Stanley reaffirmed an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a research note on Friday, September 13th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research report on Tuesday, October 15th. Two investment 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 stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $499.51 on Tuesday. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The firm has a market cap of $219.88 billion, a P/E ratio of 42.19, a P/E/G ratio of 2.59 and a beta of 1.30. The business’s 50 day moving average price is $508.38 and its 200 day moving average price is $518.85. The company has a quick ratio of 1.11, a current 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, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter last year, the company earned $3.26 EPS. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, sell-side analysts expect that Adobe Inc. will post 14.82 earnings per share for the current year.

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.