Princeton Global Asset Management LLC Acquires New Shares in Adobe Inc. (NASDAQ:ADBE)

Princeton Global Asset Management LLC acquired a new stake in Adobe Inc. (NASDAQ:ADBE) in the 3rd quarter, Holdings Channel.com reports. The institutional investor acquired 103 shares of the software company’s stock, valued at approximately $53,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in ADBE. Piscataqua Savings Bank raised its holdings in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares in the last quarter. Salomon & Ludwin LLC raised its holdings in shares of Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares in the last quarter. Summit Securities Group LLC purchased a new position in Adobe in the second quarter valued at about $33,000. Highline Wealth Partners LLC purchased a new position in Adobe in the third quarter valued at about $38,000. Finally, Lynx Investment Advisory purchased a new position in Adobe in the second quarter valued at about $39,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Trading Up 1.0 %

Shares of NASDAQ:ADBE opened at $482.80 on Monday. 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 Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a market capitalization of $212.53 billion, a PE ratio of 40.78, a PEG ratio of 2.46 and a beta of 1.30. The business has a 50 day moving average of $522.17 and a two-hundred day moving average of $516.20.

Adobe (NASDAQ:ADBE) last issued 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 return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the previous year, the business earned $3.26 earnings per share. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. As a group, analysts forecast that Adobe Inc. will post 14.82 EPS for the current year.

Wall Street Analyst Weigh In

ADBE has been the topic of several analyst reports. Oppenheimer reiterated an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research note on Friday, September 13th. Piper Sandler Companies reiterated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research note on Friday, July 12th. Bank of America reiterated a “buy” rating and issued a $640.00 target price on shares of Adobe in a research note on Friday, September 13th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Finally, UBS Group dropped their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Buying and Selling

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction 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 sale, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction 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 sale, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on 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 of the company’s stock, valued at approximately $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by corporate insiders.

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.