Crestmont Private Wealth LLC Buys 55 Shares of Adobe Inc. (NASDAQ:ADBE)

Crestmont Private Wealth LLC grew its position in Adobe Inc. (NASDAQ:ADBE) by 6.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 919 shares of the software company’s stock after acquiring an additional 55 shares during the period. Crestmont Private Wealth LLC’s holdings in Adobe were worth $476,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the company. Birch Hill Investment Advisors LLC raised its position in shares of Adobe by 42.5% in the third quarter. Birch Hill Investment Advisors LLC now owns 42,204 shares of the software company’s stock valued at $21,852,000 after purchasing an additional 12,593 shares during the period. CHICAGO TRUST Co NA lifted its holdings in shares of Adobe by 5.2% during the third quarter. CHICAGO TRUST Co NA now owns 5,675 shares of the software company’s stock worth $2,938,000 after buying an additional 283 shares in the last quarter. Compton Wealth Advisory Group LLC boosted its position in shares of Adobe by 4.9% in the third quarter. Compton Wealth Advisory Group LLC now owns 5,267 shares of the software company’s stock valued at $2,727,000 after acquiring an additional 247 shares during the period. City State Bank grew its position in shares of Adobe by 6.7% during the 3rd quarter. City State Bank now owns 874 shares of the software company’s stock worth $453,000 after purchasing an additional 55 shares in the last quarter. Finally, Annex Advisory Services LLC increased its holdings in shares of Adobe by 9.2% during the third quarter. Annex Advisory Services LLC now owns 34,487 shares of the software company’s stock worth $17,857,000 after purchasing an additional 2,892 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have commented on ADBE. Citigroup raised their price objective on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Bank of America reiterated a “buy” rating and issued a $640.00 price target on shares of Adobe in a research note on Friday, September 13th. Sanford C. Bernstein reduced their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. Finally, Piper Sandler reissued an “overweight” rating and set a $635.00 target price on shares of Adobe in a research note on Friday, September 13th. Two equities 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Buying and Selling

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction 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 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 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were 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 directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 33,759 shares of company stock valued at $17,642,653 over the last 90 days. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

NASDAQ:ADBE opened at $495.42 on Friday. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The company has a 50 day simple moving average of $537.29 and a two-hundred day simple moving average of $515.80. The company has a market capitalization of $219.67 billion, a PE ratio of 44.51, a P/E/G ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 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 analysts’ expectations of $5.37 billion. During the same quarter in the prior year, the firm posted $3.26 earnings per share. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. Research analysts anticipate that Adobe Inc. will post 14.8 earnings per share for the current 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.