Good Life Advisors LLC Buys 317 Shares of Adobe Inc. (NASDAQ:ADBE)

Good Life Advisors LLC grew its stake in Adobe Inc. (NASDAQ:ADBE) by 56.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 880 shares of the software company’s stock after buying an additional 317 shares during the period. Good Life Advisors LLC’s holdings in Adobe were worth $456,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

A number of research firms have weighed in on ADBE. Stifel Nicolaus boosted their target price on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Piper Sandler Companies reissued an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, July 12th. Oppenheimer restated an “outperform” rating and set a $625.00 target price on shares of Adobe in a research note on Friday, September 13th. Barclays lifted their price target on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Finally, Piper Sandler reissued an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Stock Performance

Adobe stock opened at $494.90 on Friday. The firm has a market capitalization of $219.44 billion, a P/E ratio of 44.47, a P/E/G ratio of 2.55 and a beta of 1.29. The stock has a fifty day moving average price of $535.45 and a two-hundred day moving average price of $515.78. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. 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 (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter last year, the company posted $3.26 EPS. As a group, analysts anticipate that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the sale, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at $9,675,744.42. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,501,989. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the sale, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,608 shares of company stock valued at $17,486,391 in the last three months. 0.15% of the stock is owned by corporate insiders.

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.