Advisor Resource Council Buys New Shares in Adobe Inc. (NASDAQ:ADBE)

Advisor Resource Council bought a new stake in Adobe Inc. (NASDAQ:ADBE) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 1,212 shares of the software company’s stock, valued at approximately $628,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Piscataqua Savings Bank raised its stake in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares in the last quarter. Summit Securities Group LLC acquired a new position in Adobe in the 2nd quarter valued at about $33,000. Highline Wealth Partners LLC acquired a new position in Adobe in the 3rd quarter valued at about $38,000. Lynx Investment Advisory acquired a new position in Adobe in the 2nd quarter valued at about $39,000. Finally, Hobbs Group Advisors LLC acquired a new position in Adobe in the 2nd quarter valued at about $39,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Trading Up 3.8 %

Shares of Adobe stock opened at $504.83 on Thursday. The business has a 50 day moving average price of $517.87 and a 200 day moving average price of $516.33. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market capitalization of $222.23 billion, a P/E ratio of 42.64, a P/E/G ratio of 2.49 and a beta of 1.30. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results 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. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm posted $3.26 EPS. Sell-side analysts anticipate that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Analyst Ratings Changes

ADBE has been the topic of a number of analyst reports. Stifel Nicolaus lifted their price objective on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. Bank of America reaffirmed a “buy” rating and issued a $640.00 price objective on shares of Adobe in a report on Friday, September 13th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, July 12th. Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Insider Buying and Selling at Adobe

In other Adobe news, 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 transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CFO Daniel Durn sold 6,500 shares of the company’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 sale, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction 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 sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 34,187 shares of company stock worth $17,736,369. Insiders own 0.15% of the company’s stock.

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.