Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Concentric Wealth Management LLC

Concentric Wealth Management LLC grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,658 shares of the software company’s stock after acquiring an additional 95 shares during the quarter. Concentric Wealth Management LLC’s holdings in Adobe were worth $3,965,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Piscataqua Savings Bank increased its holdings in shares of 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 during the period. MidAtlantic Capital Management Inc. acquired a new position in Adobe in the 3rd quarter worth approximately $30,000. Summit Securities Group LLC acquired a new stake in Adobe during the 2nd quarter valued at approximately $33,000. Briaud Financial Planning Inc purchased a new stake in shares of Adobe in the 3rd quarter valued at $36,000. Finally, Highline Wealth Partners LLC acquired a new stake in shares of Adobe in the third quarter worth $38,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ADBE shares. Piper Sandler reiterated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research note on Friday, September 13th. Bank of America restated a “buy” rating and issued a $640.00 price objective on shares of Adobe in a research report on Friday, September 13th. Stifel Nicolaus boosted their target price on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Oppenheimer restated an “outperform” rating and set a $625.00 price target on shares of Adobe in a research report on Friday, September 13th. Finally, Citigroup lifted their price objective on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Trading Up 1.5 %

NASDAQ ADBE opened at $512.15 on Monday. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The firm’s 50-day moving average is $503.13 and its two-hundred day moving average is $519.25. The stock has a market capitalization of $225.45 billion, a P/E ratio of 43.26, a PEG ratio of 2.60 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The company 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%. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the firm earned $3.26 earnings per share. On average, sell-side analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current year.

Insider Activity

In other news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 sale, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock valued at $17,736,369 in the last ninety days. 0.15% of the stock is currently owned by company insiders.

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.