Adobe Inc. (NASDAQ:ADBE) Shares Purchased by River Street Advisors LLC

River Street Advisors LLC raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,409 shares of the software company’s stock after acquiring an additional 25 shares during the quarter. River Street Advisors LLC’s holdings in Adobe were worth $730,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Onyx Bridge Wealth Group LLC boosted its holdings in shares of Adobe by 3.9% in the second quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after buying an additional 19 shares during the period. HTLF Bank boosted its holdings in shares of Adobe by 3.3% in the second quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after buying an additional 19 shares during the period. Commonwealth Financial Services LLC boosted its holdings in shares of Adobe by 3.7% in the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after buying an additional 19 shares during the period. Orrstown Financial Services Inc. boosted its holdings in shares of Adobe by 0.9% in the second quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock worth $1,257,000 after buying an additional 20 shares during the period. Finally, Orser Capital Management LLC boosted its holdings in shares of Adobe by 0.3% in the second quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock worth $3,815,000 after buying an additional 20 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ADBE has been the subject of a number of research analyst reports. Bank of America reissued a “buy” rating and issued a $640.00 price target on shares of Adobe in a research report on Friday, September 13th. Sanford C. Bernstein dropped their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Piper Sandler restated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday, September 13th. Finally, Citigroup lifted their price target on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Performance

Adobe stock traded down $26.50 during mid-day trading on Friday, hitting $503.37. 4,612,417 shares of the company’s stock traded hands, compared to its average volume of 3,172,124. 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 1.11. The stock has a market cap of $221.58 billion, a price-to-earnings ratio of 42.51, a P/E/G ratio of 2.74 and a beta of 1.30. The firm has a 50 day simple moving average of $509.79 and a two-hundred day simple moving average of $517.96.

Adobe (NASDAQ:ADBE) last posted its 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 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 quarter last year, the firm earned $3.26 earnings per share. The company’s revenue was up 10.6% on a year-over-year basis. On average, research analysts expect that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated 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. The trade was a 6.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock valued at $17,736,369 over the last quarter. 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.