Valmark Advisers Inc. Has $1.15 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Valmark Advisers Inc. boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 11.4% in the third quarter, HoldingsChannel reports. The firm owned 2,224 shares of the software company’s stock after acquiring an additional 227 shares during the period. Valmark Advisers Inc.’s holdings in Adobe were worth $1,152,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Onyx Bridge Wealth Group LLC raised its holdings in shares of Adobe by 3.9% in the second quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after buying an additional 19 shares during the last quarter. HTLF Bank lifted its position in shares of Adobe by 3.3% during the second quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after purchasing an additional 19 shares in the last quarter. Commonwealth Financial Services LLC lifted its position in shares of Adobe by 3.7% during the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after purchasing an additional 19 shares in the last quarter. Orrstown Financial Services Inc. increased its holdings in shares of Adobe by 0.9% in the second quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock valued at $1,257,000 after purchasing an additional 20 shares in the last quarter. Finally, Orser Capital Management LLC raised its position in Adobe by 0.3% in the 2nd quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock worth $3,815,000 after purchasing an additional 20 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 0.9 %

Shares of NASDAQ:ADBE opened at $485.39 on Wednesday. The firm has a market cap of $215.22 billion, a price-to-earnings ratio of 43.61, a PEG ratio of 2.55 and a beta of 1.29. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company’s fifty day simple moving average is $526.85 and its 200 day simple moving average is $516.01. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last released its quarterly 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 firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter last year, the business posted $3.26 EPS. As a group, research analysts forecast that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares in the company, valued at $8,763,437.76. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Adobe news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction that occurred 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 in the company, valued at approximately $8,763,437.76. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,511 shares of company stock valued at $17,408,530 in the last quarter. 0.15% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts have commented on the company. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. Sanford C. Bernstein cut their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Piper Sandler Companies reiterated an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, July 12th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a report on Tuesday, October 15th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

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.