Trifecta Capital Advisors LLC Purchases 242 Shares of Adobe Inc. (NASDAQ:ADBE)

Trifecta Capital Advisors LLC grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.8% in the third quarter, Holdings Channel.com reports. The firm owned 8,983 shares of the software company’s stock after buying an additional 242 shares during the period. Trifecta Capital Advisors LLC’s holdings in Adobe were worth $4,651,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Bleakley Financial Group LLC raised its holdings in Adobe by 4.2% during the 3rd quarter. Bleakley Financial Group LLC now owns 8,086 shares of the software company’s stock valued at $4,187,000 after acquiring an additional 323 shares during the period. Riversedge Advisors LLC raised its stake in shares of Adobe by 6.2% during the 3rd quarter. Riversedge Advisors LLC now owns 393 shares of the software company’s stock valued at $203,000 after purchasing an additional 23 shares during the period. Good Life Advisors LLC lifted its holdings in Adobe by 56.3% during the 3rd quarter. Good Life Advisors LLC now owns 880 shares of the software company’s stock worth $456,000 after purchasing an additional 317 shares in the last quarter. nVerses Capital LLC bought a new position in Adobe in the 3rd quarter worth about $155,000. Finally, Naviter Wealth LLC grew its holdings in Adobe by 2.9% during the 3rd quarter. Naviter Wealth LLC now owns 4,923 shares of the software company’s stock valued at $2,549,000 after buying an additional 137 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 1.1 %

Shares of ADBE stock opened at $496.83 on Friday. The business has a 50-day moving average of $536.28 and a 200 day moving average of $515.72. 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 Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The stock has a market capitalization of $220.29 billion, a PE ratio of 44.64, a P/E/G ratio of 2.55 and a beta of 1.29.

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 company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm earned $3.26 earnings per share. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.8 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Stifel Nicolaus boosted their price objective on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 price target on shares of Adobe in a report on Friday, September 13th. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. Oppenheimer restated an “outperform” rating and set a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Finally, StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the transaction, the executive vice president now owns 18,831 shares in the company, valued at $9,675,744.42. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the sale, the executive vice president now directly owns 18,831 shares in the company, valued at approximately $9,675,744.42. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The shares were 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,608 shares of company stock worth $17,486,391. Company insiders own 0.15% of the company’s stock.

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.