Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Brooklyn Investment Group

Brooklyn Investment Group boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 5.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,321 shares of the software company’s stock after acquiring an additional 174 shares during the quarter. Brooklyn Investment Group’s holdings in Adobe were worth $1,720,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in ADBE. GAMMA Investing LLC lifted its holdings in Adobe by 28.0% in the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after purchasing an additional 1,412 shares during the period. Hemenway Trust Co LLC lifted its stake in shares of Adobe by 53.1% in the 3rd quarter. Hemenway Trust Co LLC now owns 10,202 shares of the software company’s stock worth $5,282,000 after acquiring an additional 3,539 shares during the period. Crestwood Advisors Group LLC lifted its position in Adobe by 1.0% in the third quarter. Crestwood Advisors Group LLC now owns 149,968 shares of the software company’s stock worth $77,650,000 after purchasing an additional 1,464 shares during the period. Anchor Investment Management LLC increased its position in shares of Adobe by 9.8% during the 2nd quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock valued at $8,892,000 after purchasing an additional 1,430 shares during the period. Finally, Fairscale Capital LLC bought a new stake in shares of Adobe in the 2nd quarter worth $1,318,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 1.3 %

Shares of Adobe stock opened at $518.73 on Tuesday. The firm has a market cap of $228.34 billion, a price-to-earnings ratio of 43.81, a P/E/G ratio of 2.64 and a beta of 1.30. The stock has a 50-day simple moving average of $503.08 and a 200-day simple moving average of $519.50. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data 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. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter last year, the firm earned $3.26 earnings per share. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, equities research analysts expect that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares of the company’s stock, valued at $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction dated 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. This trade represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 34,187 shares of company stock worth $17,736,369. Corporate insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on ADBE. Piper Sandler reaffirmed an “overweight” rating and set a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Stifel Nicolaus raised their target price on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Barclays increased their price objective on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. UBS Group decreased their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Finally, Citigroup boosted their price objective on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $606.40.

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.