Aviso Wealth Management Grows Stake in Adobe Inc. (NASDAQ:ADBE)

Aviso Wealth Management lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 54.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 754 shares of the software company’s stock after purchasing an additional 267 shares during the period. Aviso Wealth Management’s holdings in Adobe were worth $390,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Quest Partners LLC grew its stake in Adobe by 322.1% during the 3rd quarter. Quest Partners LLC now owns 2,482 shares of the software company’s stock valued at $1,285,000 after acquiring an additional 1,894 shares in the last quarter. Aljian Capital Management LLC purchased a new stake in Adobe during the 3rd quarter valued at about $1,126,000. Glass Wealth Management Co LLC grew its stake in Adobe by 5.3% during the 3rd quarter. Glass Wealth Management Co LLC now owns 5,655 shares of the software company’s stock valued at $2,928,000 after acquiring an additional 283 shares in the last quarter. Thrivent Financial for Lutherans grew its stake in Adobe by 8.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 85,048 shares of the software company’s stock valued at $44,036,000 after acquiring an additional 6,720 shares in the last quarter. Finally, Claro Advisors LLC grew its stake in Adobe by 31.2% during the 3rd quarter. Claro Advisors LLC now owns 1,326 shares of the software company’s stock valued at $687,000 after acquiring an additional 315 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ADBE. Citigroup upped their price objective on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Sanford C. Bernstein dropped their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research note on Friday, September 13th. Oppenheimer reissued an “outperform” rating and issued a $625.00 price target on shares of Adobe in a research note on Friday, September 13th. 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 note on Wednesday, September 4th. Finally, Stifel Nicolaus boosted their target price on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Performance

Shares of Adobe stock opened at $503.37 on Monday. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The company has a market cap of $221.58 billion, a PE ratio of 42.51, a P/E/G ratio of 2.59 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The business has a 50-day simple moving average of $509.79 and a 200-day simple moving average of $518.69.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping 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 business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the previous year, the company posted $3.26 earnings per share. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, equities research analysts forecast that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Insider Buying and Selling

In other Adobe news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction that occurred on 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. The trade was a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The shares were 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 approximately $186,569,166. This represents a 6.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock worth $17,736,369 over the last 90 days. 0.15% of the stock is owned by insiders.

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.