Norris Perne & French LLP MI Acquires 243 Shares of Adobe Inc. (NASDAQ:ADBE)

Norris Perne & French LLP MI increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.5% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 45,291 shares of the software company’s stock after purchasing an additional 243 shares during the quarter. Adobe accounts for 1.6% of Norris Perne & French LLP MI’s holdings, making the stock its 20th biggest position. Norris Perne & French LLP MI’s holdings in Adobe were worth $23,451,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Private Advisor Group LLC grew its stake in shares of Adobe by 0.9% in the first quarter. Private Advisor Group LLC now owns 22,946 shares of the software company’s stock valued at $11,579,000 after buying an additional 198 shares in the last quarter. Prosperity Consulting Group LLC lifted its holdings in shares of Adobe by 35.1% during the first quarter. Prosperity Consulting Group LLC now owns 1,105 shares of the software company’s stock worth $558,000 after buying an additional 287 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of Adobe by 5.5% during the first quarter. Janney Montgomery Scott LLC now owns 88,698 shares of the software company’s stock worth $44,757,000 after buying an additional 4,630 shares in the last quarter. 1834 Investment Advisors Co. lifted its holdings in shares of Adobe by 18.7% during the first quarter. 1834 Investment Advisors Co. now owns 1,646 shares of the software company’s stock worth $831,000 after buying an additional 259 shares in the last quarter. Finally, KFA Private Wealth Group LLC acquired a new stake in shares of Adobe during the first quarter worth $236,000. 81.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Piper Sandler Companies reissued an “overweight” rating and set a $635.00 target price on shares of Adobe in a report on Friday, July 12th. Royal Bank of Canada reissued an “outperform” rating and set a $610.00 target price on shares of Adobe in a report on Tuesday, October 15th. Sanford C. Bernstein dropped their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Piper Sandler restated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Finally, JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Price Performance

Shares of ADBE opened at $478.08 on Friday. Adobe Inc. has a 52-week low of $433.97 and a 52-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 business’s 50 day moving average price is $523.68 and its two-hundred day moving average price is $515.55. The firm has a market cap of $210.45 billion, a PE ratio of 40.38, a price-to-earnings-growth ratio of 2.51 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 earnings per share (EPS) 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 firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period in the previous year, the firm earned $3.26 earnings per share. The company’s revenue was up 10.6% compared to the same quarter last year. On average, equities analysts anticipate that Adobe Inc. will post 14.82 EPS for the current year.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction 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 completion of the sale, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock valued at $17,736,369 over the last ninety days. 0.15% of the stock is owned by company insiders.

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.