Pegasus Partners Ltd. Has $444,000 Stake in Adobe Inc. (NASDAQ:ADBE)

Pegasus Partners Ltd. grew its stake in Adobe Inc. (NASDAQ:ADBE) by 23.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 857 shares of the software company’s stock after purchasing an additional 164 shares during the period. Pegasus Partners Ltd.’s holdings in Adobe were worth $444,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in ADBE. Rovin Capital UT ADV boosted its position in Adobe by 126.0% in the third quarter. Rovin Capital UT ADV now owns 1,643 shares of the software company’s stock valued at $851,000 after buying an additional 916 shares in the last quarter. Executive Wealth Management LLC boosted its holdings in shares of Adobe by 3.7% during the 3rd quarter. Executive Wealth Management LLC now owns 10,331 shares of the software company’s stock valued at $5,349,000 after acquiring an additional 373 shares in the last quarter. Washington Trust Advisors Inc. grew its position in Adobe by 29.8% during the 3rd quarter. Washington Trust Advisors Inc. now owns 785 shares of the software company’s stock worth $407,000 after acquiring an additional 180 shares during the last quarter. Crumly & Associates Inc. bought a new position in Adobe in the third quarter valued at about $261,000. Finally, United Bank boosted its stake in shares of Adobe by 19.7% during the third quarter. United Bank now owns 2,596 shares of the software company’s stock valued at $1,344,000 after purchasing an additional 428 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction that occurred 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 in the company, valued at approximately $10,740,738.72. This represents 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 accessible through this link. In related news, CFO Daniel Durn sold 6,500 shares of the business’s 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 directly owns 20,838 shares in the company, 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 is accessible through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is owned by insiders.

Adobe Trading Down 1.2 %

NASDAQ:ADBE opened at $494.68 on Friday. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The firm has a 50-day moving average price of $514.90 and a two-hundred day moving average price of $516.42. 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 firm has a market cap of $217.76 billion, a price-to-earnings ratio of 41.78, a price-to-earnings-growth ratio of 2.48 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 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period last year, the company posted $3.26 earnings per share. On average, equities analysts expect that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Royal Bank of Canada reissued an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research note on Tuesday, October 15th. Oppenheimer reaffirmed an “outperform” rating and set a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Bank of America reaffirmed a “buy” rating and set a $640.00 target price on shares of Adobe in a report on Friday, September 13th. Finally, UBS Group lowered their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus 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.