Altman Advisors Inc. Acquires New Holdings in Adobe Inc. (NASDAQ:ADBE)

Altman Advisors Inc. bought a new stake in Adobe Inc. (NASDAQ:ADBE) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 3,253 shares of the software company’s stock, valued at approximately $1,684,000.

A number of other large investors have also added to or reduced their stakes in the company. Retireful LLC bought a new stake in shares of Adobe in the 3rd quarter valued at about $553,000. First Horizon Advisors Inc. lifted its position in Adobe by 6.3% during the third quarter. First Horizon Advisors Inc. now owns 42,977 shares of the software company’s stock valued at $22,253,000 after acquiring an additional 2,529 shares during the last quarter. Howe & Rusling Inc. boosted its stake in Adobe by 3.0% in the third quarter. Howe & Rusling Inc. now owns 4,356 shares of the software company’s stock valued at $2,255,000 after acquiring an additional 125 shares in the last quarter. Briaud Financial Planning Inc purchased a new position in Adobe in the third quarter worth $36,000. Finally, NS Partners Ltd increased its position in shares of Adobe by 2.0% during the third quarter. NS Partners Ltd now owns 69,830 shares of the software company’s stock worth $36,157,000 after purchasing an additional 1,380 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Trading Up 0.9 %

ADBE stock opened at $504.08 on Wednesday. The firm has a market cap of $221.90 billion, a P/E ratio of 42.20, a PEG ratio of 2.59 and a beta of 1.30. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The company’s 50-day simple moving average is $506.89 and its 200-day simple moving average is $518.95.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the previous year, the business earned $3.26 earnings per share. The business’s revenue was up 10.6% compared to the same quarter last year. As a group, equities analysts forecast that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently weighed in on ADBE. Argus raised Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Stifel Nicolaus boosted their price target on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Barclays upped their price objective on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Finally, Bank of America restated a “buy” rating and set a $640.00 price target on shares of Adobe in a research note 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 issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $606.40.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the transaction, the executive vice president now owns 18,831 shares of the company’s stock, valued at $9,675,744.42. This represents a 7.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction that occurred 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 represents a 23.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,187 shares of company stock worth $17,736,369. Company 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.