Sierra Capital LLC Boosts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Sierra Capital LLC grew its stake in Adobe Inc. (NASDAQ:ADBE) by 234.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,951 shares of the software company’s stock after purchasing an additional 1,368 shares during the period. Sierra Capital LLC’s holdings in Adobe were worth $1,010,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the stock. Signaturefd LLC grew its position in shares of Adobe by 6.3% in the third quarter. Signaturefd LLC now owns 11,061 shares of the software company’s stock valued at $5,727,000 after purchasing an additional 658 shares in the last quarter. Sequoia Financial Advisors LLC grew its position in Adobe by 8.7% in the third quarter. Sequoia Financial Advisors LLC now owns 8,157 shares of the software company’s stock worth $4,223,000 after acquiring an additional 654 shares during the period. Sky Investment Group LLC lifted its stake in Adobe by 10.0% during the third quarter. Sky Investment Group LLC now owns 3,889 shares of the software company’s stock worth $2,014,000 after purchasing an additional 352 shares in the last quarter. Traphagen Investment Advisors LLC acquired a new position in Adobe during the third quarter worth $209,000. Finally, Oakworth Capital Inc. lifted its stake in Adobe by 10.2% during the third quarter. Oakworth Capital Inc. now owns 1,044 shares of the software company’s stock worth $541,000 after purchasing an additional 97 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the sale, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. 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. In related news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the sale, the executive vice president now directly owns 18,831 shares in the company, valued at $9,675,744.42. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,501,989. 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 quarter, insiders sold 33,608 shares of company stock worth $17,486,391. 0.15% of the stock is currently owned by corporate insiders.

Adobe Trading Down 1.8 %

ADBE stock traded down $8.89 on Tuesday, hitting $488.82. 1,058,045 shares of the company were exchanged, compared to its average volume of 3,198,713. The stock has a market capitalization of $216.74 billion, a price-to-earnings ratio of 44.39, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The business’s fifty day moving average is $534.79 and its two-hundred day moving average is $515.99. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.26 earnings per share. As a group, research analysts forecast that Adobe Inc. will post 14.8 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on ADBE shares. Sanford C. Bernstein cut their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. UBS Group dropped their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Piper Sandler Companies reiterated an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, July 12th. 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. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research note on Tuesday, October 15th. Two 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’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target 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.