Moran Wealth Management LLC Acquires 499 Shares of Adobe Inc. (NASDAQ:ADBE)

Moran Wealth Management LLC grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 24,000 shares of the software company’s stock after buying an additional 499 shares during the period. Moran Wealth Management LLC’s holdings in Adobe were worth $12,427,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of ADBE. Bessemer Group Inc. lifted its position in Adobe by 47.9% in the 1st quarter. Bessemer Group Inc. now owns 33,346 shares of the software company’s stock valued at $16,827,000 after acquiring an additional 10,793 shares in the last quarter. Carlson Capital L P bought a new position in shares of Adobe during the first quarter valued at $5,626,000. EP Wealth Advisors LLC increased its holdings in Adobe by 0.8% in the 1st quarter. EP Wealth Advisors LLC now owns 8,583 shares of the software company’s stock worth $4,331,000 after buying an additional 71 shares in the last quarter. Axxcess Wealth Management LLC raised its position in Adobe by 4.6% in the 1st quarter. Axxcess Wealth Management LLC now owns 20,884 shares of the software company’s stock worth $10,538,000 after buying an additional 910 shares during the last quarter. Finally, Advisors Asset Management Inc. lifted its stake in Adobe by 17.3% during the 1st quarter. Advisors Asset Management Inc. now owns 18,571 shares of the software company’s stock valued at $9,371,000 after acquiring an additional 2,734 shares during the period. Institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on ADBE shares. Bank of America restated a “buy” rating and set a $640.00 price objective on shares of Adobe in a research report on Friday, September 13th. Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Morgan Stanley reissued an “overweight” rating and issued a $660.00 target price on shares of Adobe in a report on Friday, September 13th. Piper Sandler restated an “overweight” rating and set a $635.00 price target on shares of Adobe in a research note on Friday, September 13th. Finally, Barclays increased their price objective on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Two equities research 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, the stock has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Insiders Place Their Bets

In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe 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 transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock worth $17,736,369 in the last three months. Corporate insiders own 0.15% of the company’s stock.

Adobe Trading Down 0.4 %

Shares of ADBE stock traded down $1.87 during trading hours on Wednesday, reaching $497.74. 288,053 shares of the stock were exchanged, compared to its average volume of 3,149,910. The firm has a market capitalization of $219.11 billion, a price-to-earnings ratio of 42.20, a price-to-earnings-growth ratio of 2.59 and a beta of 1.30. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company’s 50-day moving average price is $506.89 and its 200-day moving average price is $518.95. 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 announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates 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 in the previous year, the business earned $3.26 earnings per share. As a group, equities analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current year.

Adobe 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.