Bull Oak Capital LLC Buys Shares of 952 Adobe Inc. (NASDAQ:ADBE)

Bull Oak Capital LLC bought a new stake in shares of Adobe Inc. (NASDAQ:ADBE) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 952 shares of the software company’s stock, valued at approximately $493,000. Adobe comprises approximately 0.3% of Bull Oak Capital LLC’s holdings, making the stock its 18th largest position.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ADBE. Harbour Trust & Investment Management Co increased its stake in shares of Adobe by 7.7% in the third quarter. Harbour Trust & Investment Management Co now owns 20,013 shares of the software company’s stock worth $10,362,000 after purchasing an additional 1,426 shares in the last quarter. Tectonic Advisors LLC increased its stake in shares of Adobe by 21.5% in the third quarter. Tectonic Advisors LLC now owns 5,062 shares of the software company’s stock worth $2,621,000 after purchasing an additional 897 shares in the last quarter. Eagle Ridge Investment Management increased its stake in shares of Adobe by 0.8% in the third quarter. Eagle Ridge Investment Management now owns 57,229 shares of the software company’s stock worth $29,632,000 after purchasing an additional 435 shares in the last quarter. Dakota Wealth Management increased its stake in shares of Adobe by 197.8% in the third quarter. Dakota Wealth Management now owns 32,930 shares of the software company’s stock worth $17,050,000 after purchasing an additional 21,874 shares in the last quarter. Finally, Investment Research & Advisory Group Inc. increased its stake in shares of Adobe by 6.2% in the third quarter. Investment Research & Advisory Group Inc. now owns 4,733 shares of the software company’s stock worth $2,451,000 after purchasing an additional 278 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ADBE. Citigroup raised their target price on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Piper Sandler Companies reaffirmed an “overweight” rating and set a $635.00 target price on shares of Adobe in a research note on Friday, July 12th. Sanford C. Bernstein cut their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research note on Friday, September 13th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 target price on shares of Adobe in a research note on Tuesday, October 15th. Two investment analysts have rated the stock with a sell rating, seven have issued 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, the company currently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Stock Down 0.4 %

NASDAQ:ADBE opened at $482.87 on Friday. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization of $214.10 billion, a P/E ratio of 43.38, a PEG ratio of 2.55 and a beta of 1.29. The company’s fifty day moving average price is $532.85 and its 200-day moving average price is $515.83.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data 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 return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period last year, the company earned $3.26 earnings per share. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Adobe Inc. will post 14.8 EPS for the current year.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction 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 completion of the sale, the executive vice president now directly owns 18,831 shares in the company, valued at $9,675,744.42. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott Belsky sold 1,530 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the sale, the executive vice president now directly owns 18,831 shares in the company, valued at $9,675,744.42. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,030 shares of company stock valued at $17,176,005. 0.15% of the stock is owned by insiders.

About Adobe

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.