Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Strategic Wealth Partners Ltd.

Strategic Wealth Partners Ltd. grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 11.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 850 shares of the software company’s stock after purchasing an additional 87 shares during the period. Strategic Wealth Partners Ltd.’s holdings in Adobe were worth $429,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Evolution Advisers Inc. lifted its holdings in shares of Adobe by 14.3% during the fourth quarter. Evolution Advisers Inc. now owns 136 shares of the software company’s stock worth $79,000 after purchasing an additional 17 shares during the period. Sound View Wealth Advisors Group LLC lifted its holdings in shares of Adobe by 2.5% in the 4th quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock valued at $415,000 after buying an additional 17 shares during the period. Wade G W & Inc. boosted its stake in shares of Adobe by 0.5% in the fourth quarter. Wade G W & Inc. now owns 3,712 shares of the software company’s stock worth $2,215,000 after buying an additional 18 shares during the last quarter. River Street Advisors LLC grew its holdings in Adobe by 2.1% during the fourth quarter. River Street Advisors LLC now owns 945 shares of the software company’s stock worth $564,000 after acquiring an additional 19 shares during the period. Finally, Invst LLC raised its position in Adobe by 2.1% during the fourth quarter. Invst LLC now owns 934 shares of the software company’s stock valued at $567,000 after acquiring an additional 19 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on ADBE shares. Piper Sandler dropped their price objective on shares of Adobe from $700.00 to $635.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Monday. Wells Fargo & Company raised their target price on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 price target on shares of Adobe in a report on Friday, July 12th. Finally, JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $570.00 to $580.00 in a report on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus price target of $601.38.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the transaction, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the transaction, the executive vice president now owns 19,658 shares in the company, valued at $10,556,346. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 264 shares of the stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the sale, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,523 shares of company stock worth $14,994,277. Insiders own 0.15% of the company’s stock.

Adobe Trading Down 3.7 %

ADBE stock traded down $20.24 during midday trading on Friday, hitting $526.17. 2,663,341 shares of the company’s stock were exchanged, compared to its average volume of 3,387,897. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $233.30 billion, a PE ratio of 49.09, a P/E/G ratio of 2.88 and a beta of 1.30. The business has a 50-day simple moving average of $521.69 and a two-hundred day simple moving average of $529.40.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same period in the previous year, the firm earned $3.04 EPS. Adobe’s revenue was up 10.2% on a year-over-year basis. On average, sell-side analysts predict that Adobe Inc. will post 14.69 EPS for the current fiscal 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.