Executive Wealth Management LLC Has $5.35 Million Position in Adobe Inc. (NASDAQ:ADBE)

Executive Wealth Management LLC raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 3.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 10,331 shares of the software company’s stock after buying an additional 373 shares during the period. Executive Wealth Management LLC’s holdings in Adobe were worth $5,349,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADBE. TCI Wealth Advisors Inc. grew its stake in Adobe by 3.1% in the 1st quarter. TCI Wealth Advisors Inc. now owns 695 shares of the software company’s stock valued at $351,000 after buying an additional 21 shares during the last quarter. Montag A & Associates Inc. grew its position in shares of Adobe by 4.7% in the first quarter. Montag A & Associates Inc. now owns 38,844 shares of the software company’s stock valued at $19,601,000 after purchasing an additional 1,742 shares during the last quarter. RPG Investment Advisory LLC increased its stake in shares of Adobe by 1.8% during the first quarter. RPG Investment Advisory LLC now owns 22,730 shares of the software company’s stock worth $11,470,000 after purchasing an additional 401 shares during the period. Nixon Peabody Trust Co. acquired a new stake in Adobe during the 1st quarter worth approximately $288,000. Finally, Concurrent Investment Advisors LLC boosted its stake in Adobe by 23.4% in the 1st quarter. Concurrent Investment Advisors LLC now owns 4,102 shares of the software company’s stock valued at $2,070,000 after purchasing an additional 779 shares during the period. 81.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Royal Bank of Canada reissued an “outperform” rating and set a $610.00 target price on shares of Adobe in a report on Tuesday, October 15th. Citigroup lifted their price objective on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Bank of America restated a “buy” rating and set a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. Piper Sandler Companies reiterated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research report on Friday, July 12th. Finally, StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Buying and Selling at Adobe

In related news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Scott Belsky sold 1,530 shares of the business’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 transaction of $786,144.60. Following the completion of the sale, the executive vice president now owns 18,831 shares in the company, valued at $9,675,744.42. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is currently owned by company insiders.

Adobe Trading Down 1.2 %

Shares of ADBE stock opened at $494.68 on Friday. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The stock’s fifty day simple moving average is $514.90 and its 200 day simple moving average is $516.42. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $217.76 billion, a P/E ratio of 41.78, a P/E/G ratio of 2.48 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. The firm 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 company’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter last year, the firm earned $3.26 earnings per share. As a group, sell-side analysts predict that Adobe Inc. will post 14.82 EPS for the current fiscal year.

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.