Adobe Inc. (NASDAQ:ADBE) Shares Bought by West Family Investments Inc.

West Family Investments Inc. grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 44.6% during the third quarter, HoldingsChannel.com reports. The fund owned 1,275 shares of the software company’s stock after purchasing an additional 393 shares during the quarter. West Family Investments Inc.’s holdings in Adobe were worth $660,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Piscataqua Savings Bank lifted its holdings in Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new position in shares of Adobe in the third quarter valued at $30,000. Summit Securities Group LLC acquired a new position in shares of Adobe in the second quarter worth about $33,000. Highline Wealth Partners LLC purchased a new position in shares of Adobe during the third quarter valued at $38,000. Finally, Lynx Investment Advisory acquired a new stake in shares of Adobe during the 2nd quarter valued at $39,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 completion of the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. The trade was a 23.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock worth $17,736,369 over the last three months. Company insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. UBS Group cut their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Oppenheimer reaffirmed an “outperform” rating and set a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. Stifel Nicolaus upped their price objective on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Barclays upped their price objective on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Finally, Argus raised shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Performance

ADBE stock opened at $494.00 on Tuesday. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The company has a market capitalization of $217.46 billion, a P/E ratio of 42.19, a PEG ratio of 2.59 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The business has a 50-day moving average price of $508.38 and a 200 day moving average price of $518.85.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share 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 business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the prior year, the company posted $3.26 EPS. The business’s quarterly revenue was up 10.6% on a year-over-year basis. As a group, equities research analysts forecast that Adobe Inc. will post 14.82 EPS for the current fiscal year.

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.