Advisory Alpha LLC Purchases Shares of 404 Adobe Inc. (NASDAQ:ADBE)

Advisory Alpha LLC purchased a new position in Adobe Inc. (NASDAQ:ADBE) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 404 shares of the software company’s stock, valued at approximately $224,000.

A number of other hedge funds have also recently modified their holdings of ADBE. J. W. Coons Advisors LLC lifted its position in Adobe by 2.6% during the fourth quarter. J. W. Coons Advisors LLC now owns 1,843 shares of the software company’s stock valued at $1,100,000 after buying an additional 46 shares during the period. Capital International Sarl boosted its stake in Adobe by 7.1% during the fourth quarter. Capital International Sarl now owns 5,157 shares of the software company’s stock worth $3,077,000 after acquiring an additional 340 shares in the last quarter. Cetera Advisor Networks LLC grew its holdings in Adobe by 0.4% in the fourth quarter. Cetera Advisor Networks LLC now owns 53,899 shares of the software company’s stock worth $32,156,000 after purchasing an additional 210 shares during the period. Pinnacle West Asset Management Inc. increased its stake in shares of Adobe by 11.4% during the fourth quarter. Pinnacle West Asset Management Inc. now owns 1,315 shares of the software company’s stock valued at $785,000 after purchasing an additional 135 shares in the last quarter. Finally, Stephens Inc. AR boosted its position in shares of Adobe by 5.1% in the 4th quarter. Stephens Inc. AR now owns 34,122 shares of the software company’s stock worth $20,357,000 after purchasing an additional 1,668 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on ADBE. Piper Sandler Companies reiterated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research note on Friday, July 12th. TD Cowen dropped their price target on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research note on Monday, June 10th. Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research note on Friday, September 13th. Argus upgraded shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Sanford C. Bernstein dropped their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Performance

Shares of ADBE opened at $505.81 on Thursday. The business has a 50-day simple moving average of $543.02 and a two-hundred day simple moving average of $516.45. The company has a quick ratio of 1.16, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The stock has a market cap of $224.28 billion, a price-to-earnings ratio of 45.45, a PEG ratio of 2.72 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced 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 during the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the previous year, the company posted $3.26 EPS. The firm’s revenue was up 10.6% on a year-over-year basis. On average, analysts expect that Adobe Inc. will post 14.79 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Daniel Durn sold 6,500 shares of the company’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 completion of the transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction on 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 completion of the transaction, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe 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 sale, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,759 shares of company stock worth $17,642,653. Corporate insiders own 0.15% of the company’s stock.

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.