Executive Wealth Management LLC Grows Position in Adobe Inc. (NASDAQ:ADBE)

Executive Wealth Management LLC lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 3.7% during the 3rd quarter, Holdings Channel.com reports. The firm owned 10,331 shares of the software company’s stock after acquiring an additional 373 shares during the period. Executive Wealth Management LLC’s holdings in Adobe were worth $5,349,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. State Street Corp boosted its holdings in shares of Adobe by 1.2% during the third quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock worth $10,495,544,000 after purchasing an additional 234,909 shares during the last quarter. FMR LLC boosted its holdings in shares of Adobe by 8.8% during the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after purchasing an additional 787,356 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Adobe by 2.0% during the third quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock worth $2,516,196,000 after purchasing an additional 93,143 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Adobe by 3.1% during the third 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 worth $2,455,079,000 after purchasing an additional 140,390 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of 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 purchasing an additional 21,444 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Down 0.9 %

Shares of Adobe stock opened at $547.93 on Tuesday. 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 firm has a market cap of $241.20 billion, a P/E ratio of 46.28, a P/E/G ratio of 2.52 and a beta of 1.29. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The business has a 50-day moving average price of $504.80 and a 200 day moving average price of $522.67.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. The firm 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% on a year-over-year basis. During the same period in the previous year, the company earned $3.26 earnings per share. On average, sell-side analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The sale 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 that occurred on 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 of the company’s stock, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. 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 three months. 0.15% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on ADBE shares. Bank of America reiterated a “buy” rating and issued a $640.00 target price on shares of Adobe in a report on Friday, September 13th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Piper Sandler reiterated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Thursday, December 5th. Citigroup reduced their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday. Finally, Morgan Stanley reiterated an “overweight” rating and issued a $660.00 target price on shares of Adobe in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $600.79.

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.