Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Everett Harris & Co. CA

Everett Harris & Co. CA boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 11.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 897 shares of the software company’s stock after purchasing an additional 93 shares during the period. Everett Harris & Co. CA’s holdings in Adobe were worth $464,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in ADBE. International Assets Investment Management LLC boosted its holdings in Adobe by 16.2% in the 1st quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after acquiring an additional 398 shares during the period. Salem Investment Counselors Inc. boosted its stake in shares of Adobe by 1.5% in the first quarter. Salem Investment Counselors Inc. now owns 2,232 shares of the software company’s stock valued at $1,126,000 after purchasing an additional 33 shares during the period. Steph & Co. boosted its stake in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares during the period. Northwest Investment Counselors LLC acquired a new stake in Adobe during the 1st quarter valued at $63,000. Finally, CHICAGO TRUST Co NA lifted its holdings in Adobe by 3.2% in the 1st quarter. CHICAGO TRUST Co NA now owns 4,982 shares of the software company’s stock worth $2,514,000 after buying an additional 153 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Down 0.4 %

Adobe stock opened at $494.90 on Friday. The firm has a market capitalization of $219.44 billion, a P/E ratio of 44.47, a P/E/G ratio of 2.55 and a beta of 1.29. The company has a 50-day simple moving average of $535.45 and a 200-day simple moving average of $515.78. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last announced its quarterly 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 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%. Adobe’s revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the business earned $3.26 earnings per share. As a group, equities analysts expect that Adobe Inc. will post 14.8 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on ADBE shares. Morgan Stanley restated an “overweight” rating and set a $660.00 target price on shares of Adobe in a research note on Friday, September 13th. Argus upgraded Adobe to a “strong-buy” rating in a report on Monday, September 16th. Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 target price on shares of Adobe in a research note on Tuesday, October 15th. Bank of America reissued a “buy” rating and set a $640.00 price target on shares of Adobe in a research report on Friday, September 13th. Finally, 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. 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 company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $606.40.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO Shantanu Narayen sold 25,000 shares of the firm’s 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 owns 357,700 shares in the company, valued at $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,608 shares of company stock valued at $17,486,391 in the last quarter. Corporate insiders own 0.15% of the company’s stock.

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.