Drucker Wealth 3.0 LLC Grows Position in Adobe Inc. (NASDAQ:ADBE)

Drucker Wealth 3.0 LLC lifted its holdings in Adobe Inc. (NASDAQ:ADBE) by 12.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,231 shares of the software company’s stock after buying an additional 249 shares during the period. Drucker Wealth 3.0 LLC’s holdings in Adobe were worth $1,155,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Onyx Bridge Wealth Group LLC boosted its holdings in shares of Adobe by 3.9% during the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after purchasing an additional 19 shares during the last quarter. HTLF Bank grew its holdings in shares of Adobe by 3.3% in the second quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after purchasing an additional 19 shares during the period. Commonwealth Financial Services LLC increased its position in Adobe by 3.7% during the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after purchasing an additional 19 shares during the last quarter. Connable Office Inc. raised its stake in Adobe by 0.5% during the third quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after purchasing an additional 20 shares during the period. Finally, Citizens & Northern Corp raised its stake in Adobe by 0.6% during the second quarter. Citizens & Northern Corp now owns 3,491 shares of the software company’s stock worth $1,939,000 after purchasing an additional 21 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. This represents a 23.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock worth $17,736,369 over the last three months. 0.15% of the stock is currently owned by corporate insiders.

Adobe Trading Up 2.7 %

Shares of ADBE stock opened at $552.96 on Monday. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The business’s 50 day moving average is $504.20 and its two-hundred day moving average is $522.21. The company has a market capitalization of $243.41 billion, a P/E ratio of 46.70, a price-to-earnings-growth ratio of 2.45 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping 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 company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the prior year, the firm earned $3.26 EPS. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. Equities analysts forecast that Adobe Inc. will post 14.82 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ADBE. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Royal Bank of Canada restated an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research report on Thursday. UBS Group lowered their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Argus upgraded shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Finally, Piper Sandler reiterated an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Thursday. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $602.08.

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.