Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Community Financial Services Group LLC

Community Financial Services Group LLC grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 0.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,413 shares of the software company’s stock after purchasing an additional 32 shares during the period. Community Financial Services Group LLC’s holdings in Adobe were worth $5,909,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of ADBE. Steph & Co. lifted its position in Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares during the period. Northwest Investment Counselors LLC purchased a new position in shares of Adobe during the 1st quarter worth about $63,000. Worth Asset Management LLC acquired a new stake in shares of Adobe in the first quarter worth approximately $205,000. Strategic Planning Group LLC grew its holdings in Adobe by 24.2% in the first quarter. Strategic Planning Group LLC now owns 6,510 shares of the software company’s stock valued at $3,285,000 after purchasing an additional 1,267 shares during the period. Finally, Capital Advisors Wealth Management LLC increased its position in Adobe by 8.7% during the first quarter. Capital Advisors Wealth Management LLC now owns 675 shares of the software company’s stock worth $341,000 after purchasing an additional 54 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Up 0.6 %

NASDAQ ADBE traded up $2.81 during mid-day trading on Monday, reaching $497.71. 1,677,869 shares of the company’s stock traded hands, compared to its average volume of 3,209,252. 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 1-year low of $433.97 and a 1-year high of $638.25. The company has a fifty day simple moving average of $535.45 and a 200-day simple moving average of $515.91. The company has a market cap of $220.68 billion, a price-to-earnings ratio of 44.66, a P/E/G ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released its quarterly 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. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the company earned $3.26 earnings per share. As a group, equities research analysts expect that Adobe Inc. will post 14.8 EPS for the current year.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the transaction, the executive vice president now owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the transaction, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at $9,675,744.42. This trade 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 33,608 shares of company stock valued at $17,486,391. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on ADBE. Sanford C. Bernstein decreased their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. Royal Bank of Canada reissued an “outperform” rating and set a $610.00 price target on shares of Adobe in a research report on Tuesday, October 15th. Piper Sandler Companies restated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, July 12th. Bank of America reaffirmed a “buy” rating and issued a $640.00 price objective on shares of Adobe in a research note on Friday, September 13th. Finally, Piper Sandler reissued an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

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.