Adobe Inc. (NASDAQ:ADBE) Shares Bought by Verdence Capital Advisors LLC

Verdence Capital Advisors LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 6.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,919 shares of the software company’s stock after acquiring an additional 311 shares during the period. Verdence Capital Advisors LLC’s holdings in Adobe were worth $2,547,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Pegasus Partners Ltd. grew its position in shares of Adobe by 23.7% in the third quarter. Pegasus Partners Ltd. now owns 857 shares of the software company’s stock valued at $444,000 after purchasing an additional 164 shares during the last quarter. Rovin Capital UT ADV grew its stake in shares of Adobe by 126.0% during the 3rd quarter. Rovin Capital UT ADV now owns 1,643 shares of the software company’s stock valued at $851,000 after buying an additional 916 shares during the period. Executive Wealth Management LLC increased its stake in Adobe by 3.7% during the third quarter. Executive Wealth Management LLC now owns 10,331 shares of the software company’s stock worth $5,349,000 after acquiring an additional 373 shares during the last quarter. Washington Trust Advisors Inc. lifted its position in Adobe by 29.8% during the third quarter. Washington Trust Advisors Inc. now owns 785 shares of the software company’s stock valued at $407,000 after buying an additional 180 shares in the last quarter. Finally, Crumly & Associates Inc. acquired a new position in shares of Adobe during the 3rd quarter valued at $261,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on ADBE shares. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. UBS Group reduced their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Piper Sandler reaffirmed an “overweight” rating and set a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Oppenheimer reissued an “outperform” rating and set a $625.00 target price on shares of Adobe in a research note on Friday, September 13th. Finally, Sanford C. Bernstein decreased their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Trading Down 1.2 %

Shares of ADBE stock opened at $494.68 on Friday. The firm has a market capitalization of $217.76 billion, a P/E ratio of 41.78, a price-to-earnings-growth ratio of 2.60 and a beta of 1.30. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The firm’s fifty day simple moving average is $514.90 and its 200 day simple moving average is $516.42. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

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 company posted $3.26 earnings per share. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. As a group, sell-side analysts predict that Adobe Inc. will post 14.82 EPS for the current year.

Insider Buying and Selling at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the firm’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 completion of the transaction, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the sale, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at $9,675,744.42. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on 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 directly owns 357,700 shares in the company, valued at approximately $186,569,166. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is currently owned by corporate 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.