Everhart Financial Group Inc. Increases Holdings in Adobe Inc. (NASDAQ:ADBE)

Everhart Financial Group Inc. grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 14.7% in the third quarter, Holdings Channel reports. The institutional investor owned 2,873 shares of the software company’s stock after purchasing an additional 369 shares during the period. Everhart Financial Group Inc.’s holdings in Adobe were worth $1,488,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. Piscataqua Savings Bank increased its position in Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the period. Summit Securities Group LLC purchased a new stake in shares of Adobe during the 2nd quarter worth approximately $33,000. Highline Wealth Partners LLC purchased a new stake in shares of Adobe during the 3rd quarter worth approximately $38,000. Lynx Investment Advisory purchased a new stake in shares of Adobe during the 2nd quarter worth approximately $39,000. Finally, Hobbs Group Advisors LLC purchased a new stake in shares of Adobe during the 2nd quarter worth approximately $39,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, 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 sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following 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 position. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock valued at $17,736,369 over the last quarter. Insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on ADBE shares. Stifel Nicolaus boosted their price target on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Citigroup boosted their price target on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research note on Friday, September 13th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $660.00 target price on shares of Adobe in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Stock Up 2.0 %

Shares of NASDAQ ADBE opened at $504.48 on Tuesday. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a market cap of $222.07 billion, a P/E ratio of 42.61, a P/E/G ratio of 2.55 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 stock has a fifty day moving average price of $514.90 and a 200 day moving average price of $517.00.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter last year, the company posted $3.26 earnings per share. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. Research analysts anticipate that Adobe Inc. will post 14.82 EPS for the current fiscal year.

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.