Advocate Group LLC Acquires 331 Shares of Adobe Inc. (NASDAQ:ADBE)

Advocate Group LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 3.1% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 11,128 shares of the software company’s stock after acquiring an additional 331 shares during the quarter. Advocate Group LLC’s holdings in Adobe were worth $5,762,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Visionary Wealth Advisors boosted its holdings in shares of Adobe by 1.0% during the 4th quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock valued at $1,171,000 after acquiring an additional 20 shares in the last quarter. Vivaldi Capital Management LP acquired a new stake in shares of Adobe during the fourth quarter valued at about $299,000. Point72 Asset Management L.P. grew its holdings in shares of Adobe by 41.1% during the fourth quarter. Point72 Asset Management L.P. now owns 111,572 shares of the software company’s stock worth $66,564,000 after purchasing an additional 32,494 shares during the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Adobe in the fourth quarter valued at approximately $9,338,000. Finally, Pitcairn Co. raised its holdings in Adobe by 10.8% in the 4th quarter. Pitcairn Co. now owns 18,462 shares of the software company’s stock valued at $11,014,000 after buying an additional 1,804 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 0.1 %

Shares of NASDAQ ADBE traded up $0.62 during midday trading on Thursday, hitting $494.70. 372,657 shares of the stock traded hands, compared to its average volume of 3,218,107. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The business has a 50 day moving average price of $538.76 and a two-hundred day moving average price of $515.91. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.11. The company has a market cap of $219.35 billion, a PE ratio of 44.39, a P/E/G ratio of 2.72 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating 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 business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the previous year, the business posted $3.26 EPS. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. On average, equities analysts predict that Adobe Inc. will post 14.79 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on ADBE shares. Piper Sandler reissued an “overweight” rating and set a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Argus raised shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Bank of America reaffirmed a “buy” rating and set a $640.00 target price on shares of Adobe in a report on Friday, September 13th. Finally, StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research note 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 company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Insider Buying and Selling

In other news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value 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. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated 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 transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,759 shares of company stock worth $17,642,653 in the last quarter. Insiders own 0.15% of the company’s stock.

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.