Prossimo Advisors LLC Boosts Stake in Adobe Inc. (NASDAQ:ADBE)

Prossimo Advisors LLC grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.0% during the third quarter, according to its most recent filing with the SEC. The firm owned 2,753 shares of the software company’s stock after acquiring an additional 26 shares during the period. Adobe comprises about 1.0% of Prossimo Advisors LLC’s holdings, making the stock its 21st largest holding. Prossimo Advisors LLC’s holdings in Adobe were worth $1,425,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ADBE. Choreo LLC boosted its position in shares of Adobe by 4.7% in the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after purchasing an additional 197 shares in the last quarter. Lincoln National Corp boosted its position in shares of Adobe by 1.2% in the 1st quarter. Lincoln National Corp now owns 7,915 shares of the software company’s stock worth $3,994,000 after purchasing an additional 96 shares in the last quarter. FinTrust Capital Advisors LLC boosted its position in shares of Adobe by 16.3% in the 1st quarter. FinTrust Capital Advisors LLC now owns 708 shares of the software company’s stock worth $357,000 after purchasing an additional 99 shares in the last quarter. Magnolia Capital Advisors LLC boosted its position in shares of Adobe by 26.7% in the 1st quarter. Magnolia Capital Advisors LLC now owns 583 shares of the software company’s stock worth $271,000 after purchasing an additional 123 shares in the last quarter. Finally, FORA Capital LLC bought a new stake in shares of Adobe in the 1st quarter worth approximately $9,249,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the 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 owns 20,838 shares in the company, valued at approximately $10,740,738.72. This represents 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, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the 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 transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,187 shares of company stock worth $17,736,369. Corporate insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on ADBE shares. Oppenheimer reissued an “outperform” rating and issued a $625.00 price target on shares of Adobe in a research report on Friday, September 13th. Argus raised Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Barclays upped their price objective on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Stifel Nicolaus upped their price objective on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Finally, Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research report on Friday, July 12th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Trading Up 1.0 %

NASDAQ:ADBE opened at $482.80 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization of $212.53 billion, a price-to-earnings ratio of 40.78, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The business has a fifty day moving average price of $522.17 and a 200-day moving average price of $515.91.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping 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 firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same period in the prior year, the business posted $3.26 EPS. Adobe’s revenue was up 10.6% on a year-over-year basis. Sell-side analysts forecast that Adobe Inc. will post 14.82 EPS for the current year.

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.