Adobe Inc. (NASDAQ:ADBE) Stock Position Increased by Intellectus Partners LLC

Intellectus Partners LLC boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 5.2% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,575 shares of the software company’s stock after buying an additional 226 shares during the quarter. Intellectus Partners LLC’s holdings in Adobe were worth $2,369,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of ADBE. Piscataqua Savings Bank grew its position in Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares in the last quarter. Summit Securities Group LLC acquired a new stake in Adobe during the 2nd quarter worth about $33,000. Highline Wealth Partners LLC purchased a new stake in shares of Adobe in the third quarter worth approximately $38,000. Lynx Investment Advisory acquired a new stake in shares of Adobe during the second quarter worth approximately $39,000. Finally, Hobbs Group Advisors LLC purchased a new position in Adobe during the second quarter valued at approximately $39,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Adobe

In other news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. The trade was a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock worth $17,736,369 over the last 90 days. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on ADBE shares. Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 price target on shares of Adobe in a research note on Friday, September 13th. Bank of America reiterated a “buy” rating and set a $640.00 price target on shares of Adobe in a report on Friday, September 13th. Morgan Stanley restated an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a report on Friday, September 13th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Finally, Piper Sandler restated an “overweight” rating and set a $635.00 price target on shares of Adobe in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Performance

NASDAQ:ADBE opened at $529.87 on Friday. The firm has a 50 day moving average of $511.75 and a 200-day moving average of $517.67. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The stock has a market capitalization of $233.25 billion, a P/E ratio of 44.75, a price-to-earnings-growth ratio of 2.71 and a beta of 1.30. The company has a current ratio of 1.11, a quick 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 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 company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the previous year, the firm posted $3.26 earnings per share. The company’s revenue was up 10.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Adobe Company 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.