Pathstone Holdings LLC Boosts Holdings in Adobe Inc. (NASDAQ:ADBE)

Pathstone Holdings LLC boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.8% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 70,392 shares of the software company’s stock after purchasing an additional 1,938 shares during the period. Pathstone Holdings LLC’s holdings in Adobe were worth $36,448,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Aviance Capital Partners LLC lifted its stake in shares of Adobe by 1.1% in the third quarter. Aviance Capital Partners LLC now owns 3,354 shares of the software company’s stock worth $1,737,000 after buying an additional 38 shares in the last quarter. Baron Wealth Management LLC bought a new position in Adobe in the 3rd quarter valued at approximately $215,000. Nixon Peabody Trust Co. lifted its position in Adobe by 15.6% in the 3rd quarter. Nixon Peabody Trust Co. now owns 786 shares of the software company’s stock valued at $407,000 after acquiring an additional 106 shares in the last quarter. Meeder Advisory Services Inc. boosted its stake in Adobe by 0.8% during the 3rd quarter. Meeder Advisory Services Inc. now owns 9,034 shares of the software company’s stock valued at $4,677,000 after purchasing an additional 76 shares during the last quarter. Finally, Semus Wealth Partners LLC increased its holdings in shares of Adobe by 18.4% in the 3rd quarter. Semus Wealth Partners LLC now owns 722 shares of the software company’s stock worth $374,000 after purchasing an additional 112 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Jillian Forusz sold 676 shares of the stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This represents a 19.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock valued at $17,736,369 in the last three months. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms recently commented on ADBE. Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a report on Tuesday, October 15th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating 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. Morgan Stanley reiterated an “overweight” rating and set a $660.00 target price on shares of Adobe in a research note on Friday, September 13th. Finally, Barclays raised their price target on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $499.51 on Tuesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The firm has a fifty day moving average price of $508.38 and a 200-day moving average price of $518.85. The stock has a market cap of $219.88 billion, a PE ratio of 42.19, a price-to-earnings-growth ratio of 2.59 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion during 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 firm’s revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the business posted $3.26 earnings per share. Equities analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current fiscal 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.