Circle Wealth Management LLC Purchases 2,276 Shares of Adobe Inc. (NASDAQ:ADBE)

Circle Wealth Management LLC boosted its position in Adobe Inc. (NASDAQ:ADBE) by 110.0% in the 3rd quarter, HoldingsChannel reports. The firm owned 4,346 shares of the software company’s stock after acquiring an additional 2,276 shares during the period. Circle Wealth Management LLC’s holdings in Adobe were worth $2,250,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. FMR LLC increased its holdings in shares of Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after acquiring an additional 787,356 shares during the last quarter. Fisher Asset Management LLC grew its stake in Adobe by 2.0% in the 3rd quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock valued at $2,516,196,000 after buying an additional 93,143 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Adobe by 3.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock valued at $2,455,079,000 after acquiring an additional 140,390 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Adobe by 0.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,716,451 shares of the software company’s stock worth $1,406,524,000 after acquiring an additional 21,444 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Adobe by 0.6% in the second quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock valued at $1,097,475,000 after purchasing an additional 12,065 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. The trade was a 6.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,187 shares of company stock worth $17,736,369. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on ADBE. UBS Group reduced their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Argus raised shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Citigroup raised their price target on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research note on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Trading Up 0.4 %

ADBE opened at $515.93 on Friday. The firm has a market capitalization of $227.11 billion, a PE ratio of 43.58, a P/E/G ratio of 2.65 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company’s 50-day moving average is $503.01 and its 200 day moving average is $519.95.

Adobe (NASDAQ:ADBE) last released 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. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.26 EPS. As a group, research analysts predict that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

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.