Executive Wealth Management LLC Has $5.35 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Executive Wealth Management LLC boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 3.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,331 shares of the software company’s stock after acquiring an additional 373 shares during the quarter. Executive Wealth Management LLC’s holdings in Adobe were worth $5,349,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Piscataqua Savings Bank increased its holdings in Adobe by 226.7% during the 3rd 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. Summit Securities Group LLC bought a new position in shares of Adobe in the second quarter valued at about $33,000. Highline Wealth Partners LLC bought a new stake in Adobe during the 3rd quarter worth about $38,000. Lynx Investment Advisory acquired a new stake in Adobe in the 2nd quarter valued at about $39,000. Finally, Hobbs Group Advisors LLC bought a new position in shares of Adobe in the second quarter worth about $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Jillian Forusz sold 676 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at approximately $1,316,693.55. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was 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 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on ADBE shares. Piper Sandler Companies restated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research report on Friday, July 12th. Argus upgraded Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Morgan Stanley reaffirmed an “overweight” rating and issued a $660.00 target price on shares of Adobe in a research note on Friday, September 13th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Finally, Stifel Nicolaus increased their price objective on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Stock Performance

Shares of Adobe stock opened at $494.68 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 cap of $217.76 billion, a price-to-earnings ratio of 41.78, a price-to-earnings-growth ratio of 2.48 and a beta of 1.30. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The stock’s 50-day moving average is $514.90 and its 200-day moving average is $516.42.

Adobe (NASDAQ:ADBE) last released its 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 firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.26 EPS. Equities analysts predict that Adobe Inc. will post 14.82 earnings per share 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.