Concord Asset Management LLC VA Increases Stake in Adobe Inc. (NASDAQ:ADBE)

Concord Asset Management LLC VA grew its stake in Adobe Inc. (NASDAQ:ADBE) by 6.6% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 1,597 shares of the software company’s stock after buying an additional 99 shares during the quarter. Concord Asset Management LLC VA’s holdings in Adobe were worth $827,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Piscataqua Savings Bank raised its position in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares in the last quarter. Summit Securities Group LLC acquired a new stake in shares of Adobe during 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 acquired a new stake in shares of Adobe during the 2nd quarter worth about $39,000. Finally, Hobbs Group Advisors LLC acquired a new stake in shares of Adobe during the 2nd quarter worth about $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ:ADBE opened at $503.37 on Friday. 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 company has a market capitalization of $221.58 billion, a P/E ratio of 42.51, a price-to-earnings-growth ratio of 2.74 and a beta of 1.30. The firm has a 50-day moving average price of $509.79 and a two-hundred day moving average price of $518.35. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the business earned $3.26 earnings per share. As a group, research analysts expect that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ADBE. Citigroup raised their target price on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Barclays raised their target price on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Piper Sandler reaffirmed an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Bank of America reaffirmed a “buy” rating and set a $640.00 price target on shares of Adobe in a research report on Friday, September 13th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $606.40.

Insiders Place Their Bets

In other Adobe news, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction 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 directly owns 357,700 shares of the company’s stock, valued at $186,569,166. The trade was a 6.53 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,187 shares of company stock valued at $17,736,369. Corporate insiders own 0.15% of the company’s stock.

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.