Comprehensive Financial Consultants Institutional Inc. Increases Position in Adobe Inc. (NASDAQ:ADBE)

Comprehensive Financial Consultants Institutional Inc. increased its position in Adobe Inc. (NASDAQ:ADBE) by 1.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,354 shares of the software company’s stock after acquiring an additional 27 shares during the period. Comprehensive Financial Consultants Institutional Inc.’s holdings in Adobe were worth $1,219,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ADBE. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Adobe by 13.5% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 34,708 shares of the software company’s stock valued at $17,514,000 after acquiring an additional 4,125 shares during the last quarter. Insight Advisors LLC PA grew its position in Adobe by 6.0% during the 1st quarter. Insight Advisors LLC PA now owns 674 shares of the software company’s stock worth $340,000 after purchasing an additional 38 shares during the period. Hilltop National Bank acquired a new position in shares of Adobe in the 1st quarter valued at about $180,000. Nelson Capital Management LLC grew its holdings in Adobe by 114.3% during the first quarter. Nelson Capital Management LLC now owns 8,114 shares of the software company’s stock worth $4,094,000 after acquiring an additional 4,327 shares during the period. Finally, Allen Investment Management LLC raised its position in Adobe by 25.7% during the first quarter. Allen Investment Management LLC now owns 34,521 shares of the software company’s stock valued at $17,419,000 after acquiring an additional 7,049 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction dated 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 owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the stock in a transaction on 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 transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock valued at $17,736,369 in the last three months. 0.15% of the stock is currently owned by insiders.

Adobe Stock Performance

ADBE opened at $500.92 on Friday. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The firm has a market capitalization of $220.50 billion, a PE ratio of 42.31, a PEG ratio of 2.48 and a beta of 1.30. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm’s 50-day moving average price is $517.87 and its 200 day moving average price is $516.33.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping 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 business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the previous year, the firm posted $3.26 EPS. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, sell-side analysts expect that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Piper Sandler Companies restated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research report on Friday, July 12th. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Friday, September 13th. UBS Group cut their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Bank of America reiterated a “buy” rating and issued a $640.00 price objective on shares of Adobe in a research report on Friday, September 13th. Finally, Sanford C. Bernstein dropped their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock 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 given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average target price of $606.40.

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.