Ashton Thomas Private Wealth LLC Acquires 557 Shares of Adobe Inc. (NASDAQ:ADBE)

Ashton Thomas Private Wealth LLC lifted its position in Adobe Inc. (NASDAQ:ADBE) by 5.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 10,605 shares of the software company’s stock after purchasing an additional 557 shares during the period. Ashton Thomas Private Wealth LLC’s holdings in Adobe were worth $5,491,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Piscataqua Savings Bank boosted its holdings in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the period. Summit Securities Group LLC purchased a new stake in Adobe during the second quarter worth $33,000. Lynx Investment Advisory purchased a new stake in Adobe during the second quarter worth $39,000. Hobbs Group Advisors LLC acquired a new position in shares of Adobe during the second quarter worth $39,000. Finally, Highline Wealth Partners LLC acquired a new position in shares of Adobe during the third quarter worth $38,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Adobe stock opened at $505.00 on Tuesday. The stock has a market cap of $222.30 billion, a P/E ratio of 42.61, a price-to-earnings-growth ratio of 2.55 and a beta of 1.30. The company has a fifty day simple moving average of $513.50 and a 200-day simple moving average of $517.22. Adobe Inc. has a 12-month low of $433.97 and a 12-month 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.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion during 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%. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the company earned $3.26 EPS. Equities analysts expect that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on ADBE shares. Piper Sandler reaffirmed an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 price target on shares of Adobe in a research report on Friday, September 13th. UBS Group cut their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Stifel Nicolaus increased their target price on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Finally, Bank of America reissued a “buy” rating and set a $640.00 target price on shares of Adobe in a research note on Friday, September 13th. Two 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 MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Activity at Adobe

In related news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction 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. 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 is available at this hyperlink. In related news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction 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. 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 is available at this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were 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 approximately $9,675,744.42. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock valued at $17,736,369 over the last ninety days. Insiders own 0.15% of the company’s stock.

Adobe Company 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.