SevenBridge Financial Group LLC Acquires 259 Shares of Adobe Inc. (NASDAQ:ADBE)

SevenBridge Financial Group LLC lifted its holdings in Adobe Inc. (NASDAQ:ADBE) by 30.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,101 shares of the software company’s stock after purchasing an additional 259 shares during the period. SevenBridge Financial Group LLC’s holdings in Adobe were worth $555,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. Centaurus Financial Inc. boosted its stake in shares of Adobe by 5.4% during the 3rd quarter. Centaurus Financial Inc. now owns 2,681 shares of the software company’s stock worth $1,388,000 after acquiring an additional 137 shares in the last quarter. Larson Financial Group LLC lifted its holdings in Adobe by 105.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,101 shares of the software company’s stock worth $570,000 after purchasing an additional 564 shares during the last quarter. Sompo Asset Management Co. Ltd. boosted its position in Adobe by 1.2% during the third quarter. Sompo Asset Management Co. Ltd. now owns 26,810 shares of the software company’s stock worth $13,882,000 after purchasing an additional 314 shares during the period. Penserra Capital Management LLC grew its holdings in Adobe by 1.2% during the third quarter. Penserra Capital Management LLC now owns 4,570 shares of the software company’s stock valued at $2,365,000 after purchasing an additional 54 shares during the last quarter. Finally, WESPAC Advisors LLC bought a new position in shares of Adobe in the third quarter valued at approximately $225,000. 81.79% of the stock is currently owned by institutional investors.

Insider Transactions at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. This trade represents a 6.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,187 shares of company stock valued at $17,736,369. Corporate insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 target price on shares of Adobe in a research note on Friday, September 13th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research report on Tuesday, October 15th. Stifel Nicolaus boosted their price objective on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Sanford C. Bernstein lowered their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. Finally, StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Price Performance

Shares of ADBE stock opened at $512.15 on Friday. The stock’s fifty day simple moving average is $503.13 and its 200 day simple moving average is $519.03. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The firm has a market cap of $225.45 billion, a price-to-earnings ratio of 43.26, a P/E/G ratio of 2.60 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.

Adobe (NASDAQ:ADBE) last issued its 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. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the previous year, the company earned $3.26 EPS. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, analysts expect that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

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.