Lebenthal Global Advisors LLC Acquires 67 Shares of Adobe Inc. (NASDAQ:ADBE)

Lebenthal Global Advisors LLC increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 3.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,005 shares of the software company’s stock after buying an additional 67 shares during the period. Lebenthal Global Advisors LLC’s holdings in Adobe were worth $1,038,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Absher Wealth Management LLC lifted its holdings in shares of Adobe by 1.3% during the 3rd quarter. Absher Wealth Management LLC now owns 2,521 shares of the software company’s stock worth $1,305,000 after acquiring an additional 33 shares during the last quarter. Principal Securities Inc. raised its position in Adobe by 1.7% in the 3rd quarter. Principal Securities Inc. now owns 15,652 shares of the software company’s stock worth $8,105,000 after purchasing an additional 268 shares during the period. Stephens Inc. AR increased its position in shares of Adobe by 7.6% in the third quarter. Stephens Inc. AR now owns 42,338 shares of the software company’s stock valued at $21,922,000 after acquiring an additional 3,008 shares during the period. Norris Perne & French LLP MI boosted its stake in shares of Adobe by 0.5% during the 3rd quarter. Norris Perne & French LLP MI now owns 45,291 shares of the software company’s stock valued at $23,451,000 after purchasing an additional 243 shares in the last quarter. Finally, LCM Capital Management Inc boosted its stake in shares of Adobe by 1.3% during the 3rd quarter. LCM Capital Management Inc now owns 2,699 shares of the software company’s stock valued at $1,397,000 after purchasing an additional 34 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Insider Transactions at Adobe

In other news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Jillian Forusz sold 676 shares of the company’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 transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock valued at $17,736,369 in the last 90 days. Insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Argus raised shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Citigroup boosted their price objective on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Morgan Stanley reissued an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research note on Friday, September 13th. Piper Sandler reissued an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research note on Friday, September 13th. Finally, Barclays upped their target price on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Trading Up 1.3 %

ADBE traded up $6.11 on Friday, reaching $484.19. 560,124 shares of the company traded hands, compared to its average volume of 3,164,896. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The firm has a fifty day simple moving average of $523.68 and a two-hundred day simple moving average of $515.55. The company has a market cap of $213.14 billion, a P/E ratio of 40.38, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29. 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 (NASDAQ:ADBE) last posted 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. 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 analyst estimates of $5.37 billion. During the same quarter in the previous year, the business posted $3.26 EPS. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. As a group, equities research analysts expect that Adobe Inc. will post 14.82 earnings per share for the current 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.