Soltis Investment Advisors LLC Has $5.31 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Soltis Investment Advisors LLC raised its stake in Adobe Inc. (NASDAQ:ADBE) by 1,189.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,253 shares of the software company’s stock after buying an additional 9,458 shares during the period. Soltis Investment Advisors LLC’s holdings in Adobe were worth $5,309,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. ORG Partners LLC raised its position in Adobe by 3,590.7% in the second quarter. ORG Partners LLC now owns 1,587 shares of the software company’s stock valued at $889,000 after purchasing an additional 1,544 shares during the last quarter. Country Club Bank raised its holdings in Adobe by 0.8% in the 2nd quarter. Country Club Bank now owns 3,107 shares of the software company’s stock valued at $1,699,000 after buying an additional 24 shares during the last quarter. 180 Wealth Advisors LLC boosted its position in Adobe by 6.2% during the 2nd quarter. 180 Wealth Advisors LLC now owns 1,637 shares of the software company’s stock worth $913,000 after buying an additional 95 shares during the period. Corundum Group Inc. bought a new stake in Adobe during the 2nd quarter worth approximately $209,000. Finally, Red Door Wealth Management LLC increased its position in Adobe by 9.7% in the 2nd quarter. Red Door Wealth Management LLC now owns 10,194 shares of the software company’s stock valued at $5,663,000 after acquiring an additional 902 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Daniel Durn sold 6,500 shares of the stock in a transaction dated Tuesday, September 17th. The shares were 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 owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This trade represents a 23.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,793 shares of company stock valued at $18,069,669 over the last ninety days. 0.15% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Barclays increased their price target on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Oppenheimer reissued an “outperform” rating and issued a $625.00 price target on shares of Adobe in a research note on Friday, September 13th. Stifel Nicolaus lifted their price objective on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Finally, StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $600.79.

Adobe Trading Down 0.2 %

Shares of Adobe stock opened at $547.05 on Wednesday. The stock has a market capitalization of $240.81 billion, a PE ratio of 46.20, a price-to-earnings-growth ratio of 2.52 and a beta of 1.29. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The stock has a 50 day moving average price of $504.80 and a two-hundred day moving average price of $522.67. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results 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. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter last year, the firm posted $3.26 EPS. Adobe’s revenue was up 10.6% compared to the same quarter last year. As a group, equities analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

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.