Tandem Capital Management Corp ADV Buys Shares of 1,700 Adobe Inc. (NASDAQ:ADBE)

Tandem Capital Management Corp ADV purchased a new position in shares of Adobe Inc. (NASDAQ:ADBE) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,700 shares of the software company’s stock, valued at approximately $858,000.

Several other institutional investors have also modified their holdings of the company. JFS Wealth Advisors LLC grew its position in shares of Adobe by 586.4% during the third quarter. JFS Wealth Advisors LLC now owns 1,057 shares of the software company’s stock worth $547,000 after acquiring an additional 903 shares during the last quarter. Pinnacle Associates Ltd. lifted its holdings in Adobe by 2.1% in the third quarter. Pinnacle Associates Ltd. now owns 45,143 shares of the software company’s stock worth $23,374,000 after purchasing an additional 920 shares during the period. First Trust Direct Indexing L.P. lifted its holdings in Adobe by 14.8% in the third quarter. First Trust Direct Indexing L.P. now owns 13,244 shares of the software company’s stock worth $6,858,000 after purchasing an additional 1,703 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its holdings in Adobe by 1.2% in the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 584,740 shares of the software company’s stock valued at $282,353,000 after acquiring an additional 7,055 shares during the last quarter. Finally, Highline Wealth Partners LLC acquired a new stake in Adobe in the 3rd quarter valued at about $38,000. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Piper Sandler Companies reissued an “overweight” rating and issued a $635.00 price target on shares of Adobe in a report on Friday, July 12th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Citigroup upped 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. Bank of America reissued a “buy” rating and issued a $640.00 price target on shares of Adobe in a report on Friday, September 13th. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Activity

In other news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction on 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 completion of the sale, the chief financial officer now directly 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 filing with the SEC, which is available through this link. In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated 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 $186,569,166. 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 can be accessed through the SEC website. Also, 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 owns 20,838 shares in the company, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,511 shares of company stock worth $17,408,530. 0.15% of the stock is owned by corporate insiders.

Adobe Trading Up 0.3 %

NASDAQ:ADBE opened at $486.68 on Thursday. The stock’s 50 day moving average price is $525.27 and its 200 day moving average price is $515.81. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a market capitalization of $215.79 billion, a P/E ratio of 43.73, a P/E/G ratio of 2.55 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter last year, the company posted $3.26 earnings per share. On average, research analysts forecast that Adobe Inc. will post 14.8 EPS for the current fiscal year.

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.