DT Investment Partners LLC Raises Position in Adobe Inc. (NASDAQ:ADBE)

DT Investment Partners LLC boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 14.1% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 655 shares of the software company’s stock after buying an additional 81 shares during the period. DT Investment Partners LLC’s holdings in Adobe were worth $339,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in ADBE. Piscataqua Savings Bank raised its stake in 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 in the last quarter. Tradewinds Capital Management LLC raised its position in shares of Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares in the last quarter. Salomon & Ludwin LLC lifted its holdings in shares of Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after acquiring an additional 45 shares during the last quarter. Summit Securities Group LLC purchased a new position in Adobe in the second quarter worth $33,000. Finally, Lynx Investment Advisory bought a new position in Adobe in the second quarter valued at $39,000. 81.79% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, 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 sale, the executive vice president now owns 18,831 shares in the company, valued at approximately $9,675,744.42. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Adobe news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction that occurred 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 transaction, the executive vice president now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the business’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 value of $13,039,500.00. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,030 shares of company stock worth $17,176,005. 0.15% of the stock is owned by corporate insiders.

Adobe Trading Down 0.4 %

Shares of ADBE opened at $482.87 on Friday. Adobe Inc. has a 1-year low of $433.97 and a 1-year 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. The firm’s 50-day moving average price is $532.85 and its 200-day moving average price is $515.83. The firm has a market capitalization of $214.10 billion, a price-to-earnings ratio of 43.38, a PEG ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share 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 business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the previous year, the firm posted $3.26 EPS. The business’s revenue was up 10.6% on a year-over-year basis. Sell-side analysts anticipate that Adobe Inc. will post 14.8 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ADBE. Piper Sandler Companies reaffirmed an “overweight” rating and set a $635.00 price target on shares of Adobe in a research note on Friday, July 12th. Stifel Nicolaus upped their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Royal Bank of Canada restated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a report on Tuesday, October 15th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $625.00 target price on shares of Adobe 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 assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average 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.