Eagle Ridge Investment Management Purchases 435 Shares of Adobe Inc. (NASDAQ:ADBE)

Eagle Ridge Investment Management raised its position in Adobe Inc. (NASDAQ:ADBE) by 0.8% in the 3rd quarter, Holdings Channel reports. The firm owned 57,229 shares of the software company’s stock after buying an additional 435 shares during the quarter. Adobe accounts for 2.6% of Eagle Ridge Investment Management’s holdings, making the stock its 11th largest position. Eagle Ridge Investment Management’s holdings in Adobe were worth $29,632,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in ADBE. GAMMA Investing LLC lifted its position in Adobe by 28.0% during the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after purchasing an additional 1,412 shares during the last quarter. Anchor Investment Management LLC raised its position in shares of Adobe by 9.8% during the 2nd 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 in the last quarter. Choreo LLC lifted its holdings in shares of Adobe by 4.7% during the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after acquiring an additional 197 shares during the last quarter. Fairscale Capital LLC purchased a new position in Adobe in the second quarter worth $1,318,000. Finally, Daymark Wealth Partners LLC increased its stake in Adobe by 89.8% in the second quarter. Daymark Wealth Partners LLC now owns 9,118 shares of the software company’s stock valued at $5,065,000 after acquiring an additional 4,315 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ADBE has been the subject of several research analyst reports. Oppenheimer reaffirmed an “outperform” rating and set a $625.00 price target on shares of Adobe in a research note on Friday, September 13th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research note on Friday, July 12th. Argus upgraded shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. UBS Group lowered 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. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Buying and Selling

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the firm’s 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 completion of the transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction on 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 completion of the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 33,030 shares of company stock valued at $17,176,005 over the last ninety days. Company insiders own 0.15% of the company’s stock.

Adobe Trading Down 0.4 %

NASDAQ:ADBE opened at $482.87 on Friday. The company has a 50-day moving average price of $532.85 and a 200-day moving average price of $515.83. The stock has a market cap of $214.10 billion, a price-to-earnings ratio of 43.38, a P/E/G ratio of 2.55 and a beta of 1.29. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the previous year, the firm posted $3.26 EPS. The business’s revenue was up 10.6% on a year-over-year basis. Equities analysts predict that Adobe Inc. will post 14.8 EPS for the current year.

Adobe 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.