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

Muirfield Wealth Advisors LLC lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 9.9% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,165 shares of the software company’s stock after purchasing an additional 105 shares during the quarter. Muirfield Wealth Advisors LLC’s holdings in Adobe were worth $603,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of ADBE. Granite Harbor Advisors Inc. purchased a new position in Adobe during the third quarter worth approximately $226,000. Stablepoint Partners LLC increased its holdings in shares of Adobe by 4.7% during the 3rd quarter. Stablepoint Partners LLC now owns 1,515 shares of the software company’s stock worth $784,000 after buying an additional 68 shares during the last quarter. ORG Wealth Partners LLC purchased a new position in shares of Adobe in the 3rd quarter worth $707,000. VitalStone Financial LLC boosted its holdings in Adobe by 125.6% in the third quarter. VitalStone Financial LLC now owns 1,261 shares of the software company’s stock valued at $653,000 after acquiring an additional 702 shares during the last quarter. Finally, Smith Chas P & Associates PA Cpas grew its position in Adobe by 2.5% during the third quarter. Smith Chas P & Associates PA Cpas now owns 1,300 shares of the software company’s stock valued at $673,000 after acquiring an additional 32 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Adobe

In related news, CFO Daniel Durn sold 6,500 shares of the business’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 sale, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Adobe news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction 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 approximately $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $258,297.00. Following the sale, the executive vice president now owns 19,658 shares in the company, valued at $10,556,346. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 32,229 shares of company stock valued at $16,785,501. 0.15% of the stock is owned by insiders.

Adobe Price Performance

Shares of NASDAQ:ADBE traded up $11.63 during trading on Monday, reaching $507.05. The company had a trading volume of 1,342,095 shares, compared to its average volume of 3,219,243. Adobe Inc. has a twelve month low of $433.97 and a twelve month 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 firm has a market capitalization of $224.83 billion, a PE ratio of 45.87, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. The firm’s fifty day moving average is $537.29 and its 200 day moving average is $515.88.

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 analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $5.37 billion. During the same period last year, the company posted $3.26 EPS. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. On average, equities analysts forecast that Adobe Inc. will post 14.8 EPS for the current year.

Wall Street Analyst Weigh In

ADBE has been the topic of several research analyst reports. Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a research note on Friday, September 13th. Barclays upped their price target on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 target price on shares of Adobe in a report on Friday, September 13th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Finally, StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research note 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 assigned a strong buy rating to the company. According to data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

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.