Adobe Inc. (NASDAQ:ADBE) Stake Boosted by Greenwood Gearhart Inc.

Greenwood Gearhart Inc. grew its position in Adobe Inc. (NASDAQ:ADBE) by 12.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,403 shares of the software company’s stock after buying an additional 2,265 shares during the quarter. Greenwood Gearhart Inc.’s holdings in Adobe were worth $10,565,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Brophy Wealth Management LLC acquired a new stake in Adobe during the 3rd quarter valued at $1,165,000. Vestcor Inc grew its stake in Adobe by 22.1% during the 3rd quarter. Vestcor Inc now owns 16,154 shares of the software company’s stock valued at $8,364,000 after acquiring an additional 2,921 shares in the last quarter. Executive Wealth Management LLC increased its holdings in shares of Adobe by 3.7% in the 3rd quarter. Executive Wealth Management LLC now owns 10,331 shares of the software company’s stock valued at $5,349,000 after purchasing an additional 373 shares during the period. Abel Hall LLC lifted its position in shares of Adobe by 5.3% in the third quarter. Abel Hall LLC now owns 537 shares of the software company’s stock worth $278,000 after purchasing an additional 27 shares in the last quarter. Finally, Nabity Jensen Investment Management Inc acquired a new stake in shares of Adobe during the third quarter worth approximately $778,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

NASDAQ:ADBE opened at $547.93 on Tuesday. The company has a market capitalization of $241.20 billion, a price-to-earnings ratio of 46.28, a PEG ratio of 2.52 and a beta of 1.29. The company has a 50-day moving average of $504.80 and a 200-day moving average of $522.67. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating 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 for the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the previous year, the business earned $3.26 earnings per share. The company’s quarterly revenue was up 10.6% on a year-over-year basis. As a group, equities research analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred on Friday, October 25th. The shares were 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 owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Daniel Durn sold 6,500 shares of the stock in a transaction that occurred 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 sale, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. This trade represents a 23.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock valued at $17,736,369 in the last 90 days. 0.15% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Oppenheimer reissued an “outperform” rating and set a $625.00 target price on shares of Adobe in a research note on Friday, September 13th. UBS Group reduced their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. BMO Capital Markets upped their target price on Adobe from $580.00 to $600.00 and gave the stock an “outperform” rating in a research report on Friday. Sanford C. Bernstein reduced their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Thursday, December 5th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $600.79.

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.