TruWealth Advisors LLC Grows Holdings in Adobe Inc. (NASDAQ:ADBE)

TruWealth Advisors LLC raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 11.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,348 shares of the software company’s stock after purchasing an additional 142 shares during the quarter. TruWealth Advisors LLC’s holdings in Adobe were worth $698,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Piscataqua Savings Bank boosted its position in Adobe by 226.7% in 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 during the period. Tradewinds Capital Management LLC raised its stake in shares of Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares in the last quarter. Salomon & Ludwin LLC boosted its holdings in shares of Adobe by 346.2% in 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 during the period. Summit Securities Group LLC bought a new position in Adobe in the second quarter worth approximately $33,000. Finally, Lynx Investment Advisory purchased a new position in Adobe during the 2nd quarter worth $39,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,501,989. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,608 shares of company stock valued at $17,486,391 in the last ninety days. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ADBE. Bank of America reissued a “buy” rating and set a $640.00 price target on shares of Adobe in a research report on Friday, September 13th. Oppenheimer reissued an “outperform” rating and set a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. UBS Group lowered their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Piper Sandler Companies reissued an “overweight” rating and set a $635.00 price objective on shares of Adobe in a report on Friday, July 12th. Finally, Morgan Stanley restated an “overweight” rating and set a $660.00 target price on shares of Adobe in a report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Price Performance

Shares of 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 company’s fifty day moving average price is $536.28 and its 200-day moving average price is $515.72. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The firm has a market capitalization of $220.29 billion, a PE ratio of 44.64, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the previous year, the business earned $3.26 EPS. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts predict that Adobe Inc. will post 14.8 EPS for the current year.

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.