Elevated Capital Advisors LLC Buys 669 Shares of Adobe Inc. (NASDAQ:ADBE)

Elevated Capital Advisors LLC raised its stake in Adobe Inc. (NASDAQ:ADBE) by 34.9% in the third quarter, Holdings Channel.com reports. The firm owned 2,587 shares of the software company’s stock after acquiring an additional 669 shares during the period. Elevated Capital Advisors LLC’s holdings in Adobe were worth $1,340,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. GAMMA Investing LLC lifted its position in Adobe by 28.0% in the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after purchasing an additional 1,412 shares during the period. Anchor Investment Management LLC boosted its position in shares of Adobe by 9.8% during the 2nd quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock valued at $8,892,000 after acquiring an additional 1,430 shares in the last quarter. Choreo LLC boosted its position in shares of Adobe by 4.7% during the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after acquiring an additional 197 shares in the last quarter. Fairscale Capital LLC bought a new stake in Adobe in the second quarter valued at about $1,318,000. Finally, Daymark Wealth Partners LLC raised its position in Adobe by 89.8% in the second quarter. Daymark Wealth Partners LLC now owns 9,118 shares of the software company’s stock worth $5,065,000 after purchasing an additional 4,315 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently weighed in on ADBE. Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research note on Tuesday, October 15th. Argus upgraded Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Stifel Nicolaus lifted their price objective on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Finally, Citigroup increased their target price on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. 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, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Insider Buying and Selling at Adobe

In related news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $258,297.00. Following the sale, the executive vice president now directly owns 19,658 shares in the company, valued at $10,556,346. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Adobe news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $258,297.00. Following the sale, the executive vice president now owns 19,658 shares in the company, valued at approximately $10,556,346. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction that occurred 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 completion of the sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 33,608 shares of company stock valued at $17,486,391. 0.15% of the stock is currently owned by corporate insiders.

Adobe Stock Down 0.9 %

Shares of NASDAQ ADBE opened at $493.11 on Wednesday. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market cap of $218.64 billion, a P/E ratio of 44.30, a P/E/G ratio of 2.55 and a beta of 1.29. The firm has a 50 day moving average price of $533.94 and a 200 day moving average price of $516.05.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm’s revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.26 EPS. Analysts expect that Adobe Inc. will post 14.8 EPS for the current 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.