Axiom Advisory LLC Has $948,000 Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Axiom Advisory LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 9.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,728 shares of the software company’s stock after acquiring an additional 147 shares during the period. Axiom Advisory LLC’s holdings in Adobe were worth $948,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Tradewinds Capital Management LLC raised its stake in Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after acquiring an additional 40 shares in the last quarter. Salomon & Ludwin LLC increased its position in shares of Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares in the last quarter. Summit Securities Group LLC bought a new position in Adobe during the 2nd quarter valued at about $33,000. Steph & Co. boosted its position in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares in the last quarter. Finally, Lynx Investment Advisory acquired a new position in Adobe in the second quarter valued at about $39,000. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on ADBE shares. Wells Fargo & Company lifted their target price on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. Piper Sandler Companies reiterated an “overweight” rating and issued 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 report on Friday, September 13th. Barclays lifted their price target on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Finally, Citigroup increased their price objective on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. 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 given a strong buy rating to the stock. Based on data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Stock Up 1.8 %

Adobe stock opened at $496.24 on Wednesday. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two 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 1.16. The firm has a market capitalization of $220.03 billion, a price-to-earnings ratio of 44.59, a PEG ratio of 2.72 and a beta of 1.29. The company’s 50 day simple moving average is $540.76 and its 200 day simple moving average is $516.09.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period last year, the firm posted $3.26 earnings per share. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. As a group, sell-side analysts anticipate 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 Adobe stock in a transaction dated 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 transaction, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The trade was 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 Adobe news, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,759 shares of company stock worth $17,642,653 over the last ninety days. 0.15% of the stock is currently owned by corporate insiders.

Adobe Profile

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.