Culbertson A N & Co. Inc. Raises Holdings in Adobe Inc. (NASDAQ:ADBE)

Culbertson A N & Co. Inc. boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 9.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,710 shares of the software company’s stock after purchasing an additional 150 shares during the period. Culbertson A N & Co. Inc.’s holdings in Adobe were worth $885,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bfsg LLC raised its holdings in Adobe by 2.4% during the 3rd quarter. Bfsg LLC now owns 7,440 shares of the software company’s stock valued at $3,852,000 after buying an additional 175 shares during the last quarter. AAFMAA Wealth Management & Trust LLC increased its position in shares of Adobe by 10.5% in the third quarter. AAFMAA Wealth Management & Trust LLC now owns 3,489 shares of the software company’s stock valued at $1,807,000 after acquiring an additional 331 shares during the period. Physician Wealth Advisors Inc. raised its stake in shares of Adobe by 6.0% during the third quarter. Physician Wealth Advisors Inc. now owns 564 shares of the software company’s stock valued at $287,000 after acquiring an additional 32 shares during the last quarter. Wolff Wiese Magana LLC boosted its holdings in shares of Adobe by 3.0% during the third quarter. Wolff Wiese Magana LLC now owns 1,155 shares of the software company’s stock worth $598,000 after purchasing an additional 34 shares during the period. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd grew its stake in shares of Adobe by 5.7% in the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 1,645 shares of the software company’s stock worth $852,000 after purchasing an additional 88 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of ADBE opened at $502.54 on Thursday. The company has a market cap of $222.83 billion, a price-to-earnings ratio of 45.15, a P/E/G ratio of 2.55 and a beta of 1.29. The business’s fifty day simple moving average is $536.95 and its two-hundred day simple moving average is $515.85. 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 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 company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period last year, the firm posted $3.26 earnings per share. Adobe’s revenue was up 10.6% compared to the same quarter last year. Research analysts anticipate that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In related news, CFO Daniel Durn sold 6,500 shares of the firm’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 owns 20,838 shares in the company, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Adobe news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,078 shares of company stock worth $16,700,246 over the last three months. 0.15% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on ADBE shares. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a report on Friday, September 13th. Citigroup lifted their price target on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. UBS Group reduced their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Barclays raised their target price 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. Finally, Sanford C. Bernstein reduced their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report 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. According to data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

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.