TruWealth Advisors LLC Increases Position in Adobe Inc. (NASDAQ:ADBE)

TruWealth Advisors LLC boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 11.8% during the third quarter, HoldingsChannel.com reports. The firm owned 1,348 shares of the software company’s stock after purchasing an additional 142 shares during the period. TruWealth Advisors LLC’s holdings in Adobe were worth $698,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Piscataqua Savings Bank lifted its position in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares in the last quarter. Tradewinds Capital Management LLC raised its position in Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after acquiring an additional 40 shares during the period. Salomon & Ludwin LLC lifted its holdings in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares in the last quarter. Summit Securities Group LLC acquired a new stake in shares of Adobe in the second quarter valued at about $33,000. Finally, Lynx Investment Advisory purchased a new stake in shares of Adobe during the second quarter worth about $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 1.1 %

NASDAQ ADBE opened at $496.83 on Friday. 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 stock has a market capitalization of $220.29 billion, a P/E ratio of 44.64, a PEG ratio of 2.55 and a beta of 1.29. The firm’s 50-day moving average is $536.28 and its two-hundred day moving average is $515.72. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data 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. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter last year, the company posted $3.26 EPS. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. On average, sell-side analysts anticipate that Adobe Inc. will post 14.8 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms recently issued reports on ADBE. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research note on Friday, July 12th. Stifel Nicolaus boosted their price target on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Barclays raised their price objective on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 target price on shares of Adobe in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction 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 owns 18,831 shares in the company, valued at approximately $9,675,744.42. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction that occurred 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 $9,675,744.42. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,608 shares of company stock worth $17,486,391 over the last ninety days. Company insiders own 0.15% of the company’s stock.

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.