Castleview Partners LLC Raises Stock Position in Adobe Inc. (NASDAQ:ADBE)

Castleview Partners LLC lifted its holdings in Adobe Inc. (NASDAQ:ADBE) by 34.3% in the third quarter, HoldingsChannel reports. The firm owned 1,374 shares of the software company’s stock after buying an additional 351 shares during the quarter. Castleview Partners LLC’s holdings in Adobe were worth $711,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Swedbank AB acquired a new position in shares of Adobe during the 1st quarter worth about $621,179,000. Longview Partners Guernsey LTD acquired a new stake in Adobe during the 2nd quarter worth approximately $663,745,000. Price T Rowe Associates Inc. MD grew its position in Adobe by 17.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after buying an additional 1,146,718 shares during the last quarter. BlueSpruce Investments LP raised its position in Adobe by 81.1% during the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after buying an additional 575,675 shares during the last quarter. Finally, Liberty Wealth Management LLC lifted its stake in shares of Adobe by 55,496.6% in the 2nd quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock worth $318,127,000 after acquiring an additional 571,615 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Morgan Stanley reaffirmed an “overweight” rating and issued a $660.00 target price on shares of Adobe in a report on Friday, September 13th. Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 price target on shares of Adobe in a report on Friday, September 13th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Argus raised Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Oppenheimer reissued an “outperform” rating and issued a $625.00 price target on shares of Adobe in a report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Price Performance

Shares of ADBE stock traded up $0.63 during trading hours on Monday, reaching $495.53. The company’s stock had a trading volume of 536,314 shares, compared to its average volume of 3,203,629. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a market capitalization of $219.72 billion, a price-to-earnings ratio of 44.66, a PEG ratio of 2.55 and a beta of 1.29. The firm’s 50 day simple moving average is $535.45 and its 200-day simple moving average is $515.91.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company earned $3.26 EPS. Sell-side analysts forecast that Adobe Inc. will post 14.8 earnings per share for the current year.

Insider Activity

In other news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction on 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 directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 33,608 shares of company stock valued at $17,486,391. Company insiders own 0.15% of the company’s stock.

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.