Adobe Inc. (NASDAQ:ADBE) Shares Bought by JGP Wealth Management LLC

JGP Wealth Management LLC raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 6.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,780 shares of the software company’s stock after purchasing an additional 110 shares during the period. JGP Wealth Management LLC’s holdings in Adobe were worth $922,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. DLK Investment Management LLC increased its position in shares of Adobe by 1.5% in the 3rd quarter. DLK Investment Management LLC now owns 10,050 shares of the software company’s stock valued at $5,204,000 after acquiring an additional 144 shares during the period. Congress Park Capital LLC raised its position in Adobe by 1.2% during the 3rd quarter. Congress Park Capital LLC now owns 5,255 shares of the software company’s stock worth $2,721,000 after buying an additional 63 shares during the last quarter. LVW Advisors LLC lifted its stake in Adobe by 16.4% during the 3rd quarter. LVW Advisors LLC now owns 1,077 shares of the software company’s stock valued at $558,000 after acquiring an additional 152 shares during the period. Profit Investment Management LLC increased its stake in shares of Adobe by 157.1% in the third quarter. Profit Investment Management LLC now owns 1,404 shares of the software company’s stock worth $727,000 after acquiring an additional 858 shares during the period. Finally, Independence Bank of Kentucky grew its position in Adobe by 19.8% during the 3rd quarter. Independence Bank of Kentucky now owns 2,877 shares of the software company’s stock worth $1,490,000 after purchasing an additional 475 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the sale, the executive vice president now directly owns 20,359 shares in the company, valued at approximately $11,405,722.57. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the sale, the executive vice president now directly owns 20,359 shares in the company, valued at approximately $11,405,722.57. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,759 shares of company stock worth $17,642,653 in the last ninety days. 0.15% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Robert W. Baird boosted their target price on shares of Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research note on Friday, June 14th. Barclays raised their target price on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Citigroup upped their price objective on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. UBS Group decreased their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Finally, Argus upgraded shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Trading Down 1.3 %

Shares of Adobe stock traded down $6.30 during trading hours on Friday, reaching $497.27. 1,085,141 shares of the company’s stock were exchanged, compared to its average volume of 3,218,934. The firm has a market capitalization of $218.90 billion, a price-to-earnings ratio of 42.61, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. Adobe Inc. has a 52-week low of $433.97 and a 52-week 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 company has a fifty day moving average of $537.90 and a 200-day moving average of $515.83.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. Adobe’s revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the company posted $3.26 earnings per share. Sell-side analysts forecast that Adobe Inc. will post 14.8 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.