Solidarity Wealth LLC Grows Holdings in Adobe Inc. (NASDAQ:ADBE)

Solidarity Wealth LLC raised its position in Adobe Inc. (NASDAQ:ADBE) by 7.7% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 16,206 shares of the software company’s stock after buying an additional 1,157 shares during the period. Adobe accounts for 2.3% of Solidarity Wealth LLC’s investment portfolio, making the stock its 13th biggest holding. Solidarity Wealth LLC’s holdings in Adobe were worth $8,391,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of ADBE. Oak Harvest Investment Services raised its position in Adobe by 500.0% in the third quarter. Oak Harvest Investment Services now owns 3,000 shares of the software company’s stock worth $1,553,000 after acquiring an additional 2,500 shares during the period. Hudson Valley Investment Advisors Inc. ADV increased its stake in shares of Adobe by 20.6% during the 3rd quarter. Hudson Valley Investment Advisors Inc. ADV now owns 24,788 shares of the software company’s stock worth $12,835,000 after purchasing an additional 4,235 shares during the last quarter. Tandem Capital Management Corp ADV bought a new stake in shares of Adobe in the 3rd quarter worth approximately $858,000. JFS Wealth Advisors LLC lifted its stake in Adobe by 586.4% in the third quarter. JFS Wealth Advisors LLC now owns 1,057 shares of the software company’s stock valued at $547,000 after purchasing an additional 903 shares during the last quarter. Finally, Pinnacle Associates Ltd. grew its holdings in Adobe by 2.1% during the third quarter. Pinnacle Associates Ltd. now owns 45,143 shares of the software company’s stock valued at $23,374,000 after purchasing an additional 920 shares during the period. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of Adobe stock opened at $486.68 on Thursday. The business’s 50-day moving average price is $525.27 and its 200-day moving average price is $515.81. The firm has a market capitalization of $215.79 billion, a PE ratio of 43.73, a price-to-earnings-growth 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 has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period last year, the firm posted $3.26 earnings per share. The business’s revenue was up 10.6% compared to the same quarter last year. Sell-side analysts forecast that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Analyst Ratings Changes

ADBE has been the topic of several research reports. Bank of America restated a “buy” rating and issued a $640.00 target price on shares of Adobe in a research note on Friday, September 13th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Morgan Stanley reiterated an “overweight” rating and set a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. Sanford C. Bernstein lowered their price target 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. Finally, StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Buying and Selling at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated 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 sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, 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, CEO Shantanu Narayen sold 25,000 shares of the company’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 value of $13,039,500.00. Following the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. The trade was 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 worth $17,408,530 over the last three months. Company insiders own 0.15% of the company’s stock.

About Adobe

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.