Adobe Inc. (NASDAQ:ADBE) Shares Bought by Circle Wealth Management LLC

Circle Wealth Management LLC lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 110.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,346 shares of the software company’s stock after acquiring an additional 2,276 shares during the quarter. Circle Wealth Management LLC’s holdings in Adobe were worth $2,250,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Piscataqua Savings Bank grew its stake in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new position in Adobe in the 3rd quarter worth approximately $30,000. Summit Securities Group LLC acquired a new stake in Adobe in the second quarter valued at approximately $33,000. Briaud Financial Planning Inc purchased a new stake in shares of Adobe during the third quarter valued at approximately $36,000. Finally, Highline Wealth Partners LLC acquired a new stake in Adobe during the 3rd quarter valued at $38,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 481 shares of the business’s 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 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 document filed with the SEC, which can be accessed through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the firm’s 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 transaction, the chief financial officer now directly 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 34,187 shares of company stock valued at $17,736,369 over the last quarter. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Up 0.4 %

Shares of NASDAQ ADBE opened at $515.93 on Friday. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The firm’s 50-day moving average is $503.01 and its 200-day moving average is $519.95. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $227.11 billion, a PE ratio of 43.58, a price-to-earnings-growth ratio of 2.65 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the previous year, the business earned $3.26 EPS. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. Equities analysts expect that Adobe Inc. will post 14.82 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on ADBE shares. Argus raised Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Piper Sandler reissued an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Oppenheimer restated an “outperform” rating and set a $625.00 price objective on shares of Adobe in a research note on Friday, September 13th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 target price on shares of Adobe in a report on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus target price of $606.40.

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.