FSA Wealth Management LLC Takes $81,000 Position in Adobe Inc. (NASDAQ:ADBE)

FSA Wealth Management LLC bought a new position in Adobe Inc. (NASDAQ:ADBE) during the third quarter, according to its most recent filing with the SEC. The firm bought 156 shares of the software company’s stock, valued at approximately $81,000.

Other hedge funds have also bought and sold shares of the company. GAMMA Investing LLC raised its stake in shares of Adobe by 28.0% in the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after purchasing an additional 1,412 shares during the last quarter. Public Sector Pension Investment Board grew its holdings in Adobe by 12.2% during the third quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock worth $10,005,000 after buying an additional 2,100 shares in the last quarter. Hantz Financial Services Inc. raised its position in Adobe by 13.8% in the 3rd quarter. Hantz Financial Services Inc. now owns 78,682 shares of the software company’s stock valued at $40,740,000 after buying an additional 9,519 shares during the last quarter. Hemenway Trust Co LLC lifted its stake in Adobe by 53.1% during the 3rd quarter. Hemenway Trust Co LLC now owns 10,202 shares of the software company’s stock valued at $5,282,000 after acquiring an additional 3,539 shares in the last quarter. Finally, Crestwood Advisors Group LLC boosted its holdings in Adobe by 1.0% during the 3rd quarter. Crestwood Advisors Group LLC now owns 149,968 shares of the software company’s stock worth $77,650,000 after acquiring an additional 1,464 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. The trade was a 6.53 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. The trade was a 23.78 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is currently owned by corporate insiders.

Adobe Trading Up 0.4 %

NASDAQ:ADBE opened at $515.93 on Monday. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The stock’s fifty day moving average price is $503.01 and its two-hundred day moving average price is $520.50. 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 company has a market cap of $227.11 billion, a P/E ratio of 43.58, a P/E/G ratio of 2.66 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 in the previous year, the company posted $3.26 EPS. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, analysts expect that Adobe Inc. will post 14.82 EPS for the current year.

Analyst Ratings Changes

Several analysts have recently commented on ADBE shares. Barclays raised their price target on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Morgan Stanley reaffirmed an “overweight” rating and issued a $660.00 target price on shares of Adobe in a report on Friday, September 13th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Finally, Argus raised Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average price target 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.