Sound Income Strategies LLC Buys 54 Shares of Adobe Inc. (NASDAQ:ADBE)

Sound Income Strategies LLC boosted its position in Adobe Inc. (NASDAQ:ADBE) by 27.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 253 shares of the software company’s stock after purchasing an additional 54 shares during the quarter. Sound Income Strategies LLC’s holdings in Adobe were worth $131,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Tradewinds Capital Management LLC increased its position in shares of Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after buying an additional 40 shares during the period. Salomon & Ludwin LLC boosted its holdings in Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after buying an additional 45 shares during the period. Summit Securities Group LLC bought a new stake in shares of Adobe during the second quarter valued at about $33,000. Steph & Co. increased its holdings in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the period. Finally, Lynx Investment Advisory purchased a new stake in Adobe in the second quarter valued at approximately $39,000. 81.79% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred 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 represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,078 shares of company stock valued at $16,700,246 over the last quarter. Insiders own 0.15% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE opened at $509.65 on Tuesday. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The business’s 50-day simple moving average is $537.29 and its 200-day simple moving average is $515.92. The firm has a market capitalization of $225.98 billion, a P/E ratio of 45.79, a P/E/G ratio of 2.55 and a beta of 1.29. 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 announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the company posted $3.26 EPS. Equities analysts predict that Adobe Inc. will post 14.8 EPS for the current year.

Analyst Ratings Changes

Several analysts have weighed in on ADBE shares. Stifel Nicolaus boosted their price objective on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Barclays boosted their target price on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research report on Friday, September 13th. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

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.