CFM Wealth Partners LLC Has $1.38 Million Position in Adobe Inc. (NASDAQ:ADBE)

CFM Wealth Partners LLC reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 4.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,730 shares of the software company’s stock after selling 141 shares during the period. CFM Wealth Partners LLC’s holdings in Adobe were worth $1,378,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in ADBE. Swedbank AB acquired a new stake in shares of Adobe in the 1st quarter valued at approximately $621,179,000. Longview Partners Guernsey LTD acquired a new stake in shares of Adobe in the 2nd quarter valued at approximately $663,745,000. Price T Rowe Associates Inc. MD boosted its stake in shares of 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 purchasing an additional 1,146,718 shares in the last quarter. BlueSpruce Investments LP boosted 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 period. Finally, Liberty Wealth Management LLC boosted its position in Adobe by 55,496.6% during the 2nd quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock worth $318,127,000 after buying an additional 571,615 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Performance

Shares of ADBE stock opened at $508.03 on Wednesday. The firm has a market capitalization of $225.26 billion, a PE ratio of 45.65, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. The firm has a fifty day simple moving average of $537.17 and a two-hundred day simple moving average of $515.94. 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 Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

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 business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.26 EPS. Analysts forecast that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on ADBE shares. Piper Sandler reiterated an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. Bank of America reiterated a “buy” rating and set a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. Oppenheimer reiterated an “outperform” rating and set a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 target price on shares of Adobe in a research report on Tuesday. Finally, Sanford C. Bernstein cut their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Insider Buying and Selling at Adobe

In other Adobe news, 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 transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, 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 transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $258,297.00. Following the transaction, the executive vice president now directly owns 19,658 shares in the company, valued at $10,556,346. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,078 shares of company stock worth $16,700,246. 0.15% of the stock is owned by corporate insiders.

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.