Granite Harbor Advisors Inc. Invests $226,000 in Adobe Inc. (NASDAQ:ADBE)

Granite Harbor Advisors Inc. purchased a new stake in Adobe Inc. (NASDAQ:ADBE) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 437 shares of the software company’s stock, valued at approximately $226,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. Tradewinds Capital Management LLC boosted its stake in shares of Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after buying an additional 40 shares during the period. Salomon & Ludwin LLC lifted its position in Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after acquiring an additional 45 shares during the period. Summit Securities Group LLC acquired a new position in shares of Adobe in the second quarter valued at approximately $33,000. Steph & Co. raised its stake in shares of Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory purchased a new position in Adobe in the 2nd quarter valued at $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Up 2.9 %

NASDAQ:ADBE traded up $14.26 during mid-day trading on Monday, hitting $509.68. The company had a trading volume of 1,074,561 shares, compared to its average volume of 3,218,275. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The business has a fifty day simple moving average of $537.29 and a 200-day simple moving average of $515.88. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $225.99 billion, a price-to-earnings ratio of 45.87, a PEG ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) 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 analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the firm posted $3.26 earnings per share. Equities analysts forecast that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

Insider Activity

In other Adobe news, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,229 shares of company stock worth $16,785,501 over the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. UBS Group cut their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Barclays upped their target price on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Citigroup raised their target price on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 price target on shares of Adobe in a report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

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.