Stiles Financial Services Inc Acquires 350 Shares of Adobe Inc. (NASDAQ:ADBE)

Stiles Financial Services Inc boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 8.8% in the third quarter, Holdings Channel reports. The firm owned 4,335 shares of the software company’s stock after purchasing an additional 350 shares during the quarter. Stiles Financial Services Inc’s holdings in Adobe were worth $2,244,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the business. Piscataqua Savings Bank increased its stake in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares during the period. Summit Securities Group LLC purchased a new stake in shares of Adobe during the 2nd quarter valued at $33,000. Highline Wealth Partners LLC purchased a new stake in shares of Adobe during the 3rd quarter valued at $38,000. Lynx Investment Advisory bought a new position in shares of Adobe during the 2nd quarter worth $39,000. Finally, Hobbs Group Advisors LLC bought a new position in shares of Adobe during the 2nd quarter worth $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Down 0.8 %

NASDAQ:ADBE opened at $497.11 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock’s fifty day moving average is $517.87 and its two-hundred day moving average is $516.33. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The stock has a market capitalization of $218.83 billion, a price-to-earnings ratio of 42.31, a price-to-earnings-growth ratio of 2.48 and a beta of 1.30.

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 the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the firm earned $3.26 earnings per share. Research analysts anticipate that Adobe Inc. will post 14.82 EPS for the current year.

Insiders Place Their Bets

In other Adobe news, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction that occurred 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 $10,740,738.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have commented on ADBE shares. Piper Sandler Companies restated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research note on Friday, July 12th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Citigroup boosted their price target on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Bank of America reiterated a “buy” rating and set a $640.00 price objective on shares of Adobe in a research report on Friday, September 13th. Finally, Piper Sandler restated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Company 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.