Goldstein Advisors LLC Grows Position in Adobe Inc. (NASDAQ:ADBE)

Goldstein Advisors LLC boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 2.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,580 shares of the software company’s stock after purchasing an additional 33 shares during the period. Goldstein Advisors LLC’s holdings in Adobe were worth $818,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. GAMMA Investing LLC lifted its position in shares of Adobe by 28.0% in the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after acquiring an additional 1,412 shares in the last quarter. Anchor Investment Management LLC lifted its position 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 acquiring an additional 1,430 shares in the last quarter. Choreo LLC lifted its position in shares of Adobe by 4.7% in the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after acquiring an additional 197 shares in the last quarter. Fairscale Capital LLC bought a new stake in shares of Adobe in the second quarter worth about $1,318,000. Finally, Daymark Wealth Partners LLC increased its holdings in shares of Adobe by 89.8% in the second quarter. Daymark Wealth Partners LLC now owns 9,118 shares of the software company’s stock worth $5,065,000 after purchasing an additional 4,315 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Trading Up 0.2 %

Shares of NASDAQ ADBE opened at $483.72 on Friday. 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’s 50 day moving average price is $530.03 and its 200-day moving average price is $515.76. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a market cap of $214.48 billion, a price-to-earnings ratio of 43.46, a PEG ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data 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. 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 analysts’ expectations of $5.37 billion. During the same quarter in the prior year, the firm earned $3.26 earnings per share. Adobe’s revenue was up 10.6% compared to the same quarter last year. On average, sell-side analysts expect that Adobe Inc. will post 14.8 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ADBE. Morgan Stanley reaffirmed an “overweight” rating and issued a $660.00 target price on shares of Adobe in a report on Friday, September 13th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 target price on shares of Adobe in a report on Friday, September 13th. Finally, Argus raised Adobe to a “strong-buy” rating in a report on Monday, September 16th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Buying and Selling

In related news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction 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 sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following 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 position. 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 quarter. 0.15% of the stock is owned by corporate 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.