Turtle Creek Wealth Advisors LLC Has $436,000 Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Turtle Creek Wealth Advisors LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 59.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 843 shares of the software company’s stock after buying an additional 313 shares during the quarter. Turtle Creek Wealth Advisors LLC’s holdings in Adobe were worth $436,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in ADBE. Piscataqua Savings Bank lifted its stake in shares of Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the period. Summit Securities Group LLC purchased a new position in Adobe in the second quarter worth $33,000. Highline Wealth Partners LLC purchased a new stake in Adobe during the third quarter worth about $38,000. Lynx Investment Advisory bought a new stake in Adobe in the second quarter worth about $39,000. Finally, Hobbs Group Advisors LLC bought a new position in shares of Adobe during the 2nd quarter valued at approximately $39,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Down 5.0 %

Shares of ADBE stock traded down $26.50 during trading hours on Friday, reaching $503.37. The company’s stock had a trading volume of 4,612,417 shares, compared to its average volume of 3,172,124. The firm’s fifty day simple moving average is $509.79 and its 200 day simple moving average is $517.96. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The stock has a market capitalization of $221.58 billion, a P/E ratio of 42.51, a P/E/G ratio of 2.74 and a beta of 1.30. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period last year, the company posted $3.26 EPS. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. Equities research analysts expect that Adobe Inc. will post 14.82 EPS for the current year.

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Daniel Durn sold 6,500 shares of the stock in a transaction on 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 sale, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. This represents a 23.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,187 shares of company stock valued at $17,736,369. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on ADBE shares. Barclays lifted their price target on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Piper Sandler reaffirmed an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Citigroup increased 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. Royal Bank of Canada restated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research note on Tuesday, October 15th. Finally, Bank of America reiterated a “buy” rating and set a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus 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.