Darden Wealth Group Inc Acquires 519 Shares of Adobe Inc. (NASDAQ:ADBE)

Darden Wealth Group Inc grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 40.7% in the 3rd quarter, Holdings Channel.com reports. The firm owned 1,794 shares of the software company’s stock after acquiring an additional 519 shares during the period. Darden Wealth Group Inc’s holdings in Adobe were worth $929,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD raised its holdings in Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after buying an additional 1,146,718 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Adobe by 0.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,716,451 shares of the software company’s stock valued at $1,406,524,000 after purchasing an additional 21,444 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Adobe by 0.6% in the 2nd quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock worth $1,097,475,000 after purchasing an additional 12,065 shares in the last quarter. Clearbridge Investments LLC lifted its holdings in shares of Adobe by 0.8% during the second quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock valued at $1,097,044,000 after purchasing an additional 15,685 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Adobe by 12.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,702,535 shares of the software company’s stock valued at $945,780,000 after buying an additional 185,737 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Insider Activity at Adobe

In related 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 completion of the transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The trade was a 23.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares in the company, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock worth $17,736,369 in the last 90 days. 0.15% of the stock is owned by corporate insiders.

Analyst Ratings Changes

ADBE has been the topic of several research analyst reports. Stifel Nicolaus upped their target price on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Sanford C. Bernstein decreased their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research note on Friday, September 13th. Morgan Stanley reissued an “overweight” rating and issued a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. Barclays lifted their price target 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. Finally, Piper Sandler restated an “overweight” rating and issued a $635.00 price objective 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 assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Price Performance

Adobe stock opened at $504.47 on Friday. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a market cap of $222.07 billion, a price-to-earnings ratio of 42.61, a PEG ratio of 2.57 and a beta of 1.30. The firm’s fifty day moving average is $503.63 and its 200 day moving average is $518.71. 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 announced its 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 firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the prior year, the company earned $3.26 EPS. The business’s revenue was up 10.6% compared to the same quarter last year. Sell-side analysts forecast that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Adobe 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.