Adobe Inc. (NASDAQ:ADBE) Stake Boosted by Hazlett Burt & Watson Inc.

Hazlett Burt & Watson Inc. lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 9.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,488 shares of the software company’s stock after purchasing an additional 131 shares during the quarter. Hazlett Burt & Watson Inc.’s holdings in Adobe were worth $775,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Adobe by 1.0% during the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after buying an additional 382,803 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Adobe by 17.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after buying an additional 1,146,718 shares in the last quarter. Principal Financial Group Inc. increased its position in Adobe by 0.6% in the 2nd quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock valued at $1,097,475,000 after acquiring an additional 12,065 shares during the period. Clearbridge Investments LLC raised its stake in Adobe by 0.8% during the 2nd quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock valued at $1,097,044,000 after acquiring an additional 15,685 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Adobe by 12.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,702,535 shares of the software company’s stock worth $945,780,000 after acquiring an additional 185,737 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Jillian Forusz sold 676 shares of the stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock worth $17,736,369 in the last quarter. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on ADBE shares. Piper Sandler reissued an “overweight” rating and set 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 target price on shares of Adobe in a research report on Friday, September 13th. Argus upgraded shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Finally, Piper Sandler Companies reiterated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research note on Friday, July 12th. Two research analysts have rated the stock with a sell rating, seven have assigned 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 target price of $606.40.

Adobe Trading Down 0.2 %

NASDAQ ADBE traded down $1.00 on Monday, hitting $481.80. 318,822 shares of the stock were exchanged, compared to its average volume of 3,162,845. The company’s 50-day moving average price is $522.17 and its two-hundred day moving average price is $516.20. 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 52-week low of $433.97 and a 52-week high of $638.25. The company has a market capitalization of $212.09 billion, a price-to-earnings ratio of 40.60, a P/E/G ratio of 2.46 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion for 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%. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.26 earnings per share. Research analysts predict that Adobe Inc. will post 14.82 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.