Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Concentric Wealth Management LLC

Concentric Wealth Management LLC boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.3% in the third quarter, HoldingsChannel.com reports. The fund owned 7,658 shares of the software company’s stock after buying an additional 95 shares during the quarter. Concentric Wealth Management LLC’s holdings in Adobe were worth $3,965,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Silvercrest Asset Management Group LLC raised its stake in Adobe by 3.1% in the 1st quarter. Silvercrest Asset Management Group LLC now owns 12,112 shares of the software company’s stock valued at $6,112,000 after purchasing an additional 361 shares during the last quarter. Waverly Advisors LLC boosted its position in Adobe by 185.3% during the first quarter. Waverly Advisors LLC now owns 3,486 shares of the software company’s stock worth $1,759,000 after acquiring an additional 2,264 shares during the last quarter. Industrial Alliance Investment Management Inc. grew its stake in Adobe by 3.3% in the 1st quarter. Industrial Alliance Investment Management Inc. now owns 940 shares of the software company’s stock worth $474,000 after acquiring an additional 30 shares during the period. Whalerock Point Partners LLC raised its holdings in Adobe by 3.4% in the 1st quarter. Whalerock Point Partners LLC now owns 1,533 shares of the software company’s stock valued at $774,000 after acquiring an additional 50 shares during the last quarter. Finally, Oxford Wealth Group LLC purchased a new position in shares of Adobe during the 1st quarter worth $1,216,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 1.5 %

Shares of Adobe stock opened at $512.15 on Monday. The stock’s fifty day moving average is $503.13 and its 200-day moving average is $519.25. The firm has a market capitalization of $225.45 billion, a PE ratio of 43.26, a price-to-earnings-growth ratio of 2.60 and a beta of 1.30. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

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 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 business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the previous year, the business earned $3.26 earnings per share. The firm’s revenue was up 10.6% compared to the same quarter last year. Equities analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current year.

Insider Transactions at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. This represents a 6.53 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This trade represents a 23.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock valued at $17,736,369 over the last quarter. Company insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on ADBE shares. Piper Sandler reiterated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research note on Friday, September 13th. Sanford C. Bernstein dropped their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. Bank of America restated a “buy” rating and issued a $640.00 price target on shares of Adobe in a report on Friday, September 13th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company 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.