Kovack Advisors Inc. Acquires 244 Shares of Adobe Inc. (NASDAQ:ADBE)

Kovack Advisors Inc. increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 12.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,131 shares of the software company’s stock after purchasing an additional 244 shares during the period. Kovack Advisors Inc.’s holdings in Adobe were worth $1,103,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Piscataqua Savings Bank grew its holdings in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares during the last quarter. Summit Securities Group LLC bought a new stake in shares of Adobe in the 2nd quarter worth about $33,000. Highline Wealth Partners LLC acquired a new stake in shares of Adobe during the 3rd quarter worth about $38,000. Lynx Investment Advisory bought a new stake in Adobe during the second quarter worth about $39,000. Finally, Hobbs Group Advisors LLC acquired a new stake in shares of Adobe during the second quarter worth approximately $39,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 1.2 %

NASDAQ:ADBE opened at $532.50 on Thursday. The stock has a market cap of $234.41 billion, a price-to-earnings ratio of 44.97, a PEG ratio of 2.71 and a beta of 1.30. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a 50-day moving average price of $512.61 and a two-hundred day moving average price of $517.56. 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 data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.26 EPS. As a group, equities analysts expect that Adobe Inc. will post 14.82 earnings per share for the current year.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 481 shares of the stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction on Tuesday, October 29th. The shares were 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 $1,316,693.55. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at $8,763,437.76. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock worth $17,736,369 over the last ninety days. Company insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on ADBE. Royal Bank of Canada restated an “outperform” rating and set a $610.00 price target on shares of Adobe in a research report on Tuesday, October 15th. UBS Group lowered their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Stifel Nicolaus upped their price target on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Finally, Citigroup upped their target price on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Two 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 stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $606.40.

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.