Nvest Financial LLC Has $970,000 Stake in Adobe Inc. (NASDAQ:ADBE)

Nvest Financial LLC lifted its position in Adobe Inc. (NASDAQ:ADBE) by 13.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,873 shares of the software company’s stock after acquiring an additional 216 shares during the period. Nvest Financial LLC’s holdings in Adobe were worth $970,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of ADBE. Biltmore Family Office LLC lifted its holdings in shares of Adobe by 7.6% during the 4th quarter. Biltmore Family Office LLC now owns 752 shares of the software company’s stock valued at $449,000 after purchasing an additional 53 shares in the last quarter. Barden Capital Management Inc. lifted its stake in Adobe by 14.4% in the fourth quarter. Barden Capital Management Inc. now owns 7,285 shares of the software company’s stock valued at $4,346,000 after buying an additional 918 shares in the last quarter. Bradley Foster & Sargent Inc. CT boosted its holdings in shares of Adobe by 1.5% in the fourth quarter. Bradley Foster & Sargent Inc. CT now owns 194,802 shares of the software company’s stock valued at $116,219,000 after buying an additional 2,919 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Adobe by 5,381.5% in the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 296,000 shares of the software company’s stock valued at $176,594,000 after buying an additional 290,600 shares during the period. Finally, Harbert Fund Advisors Inc. bought a new stake in shares of Adobe during the fourth quarter worth $1,044,000. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Adobe stock traded down $6.59 during trading hours on Friday, reaching $496.98. 1,296,436 shares of the stock were exchanged, compared to its average volume of 3,220,548. The stock has a 50 day moving average of $537.90 and a two-hundred day moving average of $515.83. The company has a market cap of $218.77 billion, a P/E ratio of 42.61, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. 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 twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last issued its 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. The firm had revenue of $5.41 billion during 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 business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.26 earnings per share. Equities analysts expect that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Morgan Stanley reiterated an “overweight” rating and set a $660.00 target price on shares of Adobe in a report on Friday, September 13th. Piper Sandler Companies reiterated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a report on Friday, July 12th. Argus upgraded Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 price target on shares of Adobe in a research note on Friday, September 13th. Finally, KeyCorp increased their target price on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a report on Friday, June 14th. Two 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were 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 owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,579,186.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,759 shares of company stock worth $17,642,653 in the last quarter. 0.15% of the stock is owned by insiders.

Adobe Company 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.