Naviter Wealth LLC Increases Stake in Adobe Inc. (NASDAQ:ADBE)

Naviter Wealth LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,923 shares of the software company’s stock after purchasing an additional 137 shares during the period. Naviter Wealth LLC’s holdings in Adobe were worth $2,549,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the business. Foster Group Inc. grew its position in shares of Adobe by 5.5% in the 1st quarter. Foster Group Inc. now owns 443 shares of the software company’s stock valued at $224,000 after buying an additional 23 shares during the last quarter. Collective Family Office LLC lifted its stake in Adobe by 21.3% in the first quarter. Collective Family Office LLC now owns 502 shares of the software company’s stock valued at $253,000 after buying an additional 88 shares during the last quarter. Signal Advisors Wealth LLC purchased a new position in shares of Adobe during the first quarter worth approximately $695,000. Ridgewood Investments LLC acquired a new stake in Adobe during the 1st quarter worth $1,276,000. Finally, VanderPol Investments L.L.C. boosted its stake in Adobe by 33.8% during the 1st quarter. VanderPol Investments L.L.C. now owns 673 shares of the software company’s stock worth $340,000 after purchasing an additional 170 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Trading Down 0.5 %

Shares of NASDAQ ADBE traded down $2.44 during mid-day trading on Thursday, hitting $500.10. 134,972 shares of the company traded hands, compared to its average volume of 3,209,726. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The stock has a market capitalization of $221.74 billion, a price-to-earnings ratio of 45.15, a PEG ratio of 2.55 and a beta of 1.29. The business has a 50 day moving average of $536.95 and a two-hundred day moving average of $515.85.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data 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 company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the firm earned $3.26 earnings per share. On average, sell-side analysts anticipate that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently commented on ADBE. Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Piper Sandler Companies reaffirmed an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, July 12th. Argus raised Adobe to a “strong-buy” rating in a report on Monday, September 16th. Morgan Stanley reissued an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a research note on Friday, September 13th. Finally, Barclays raised their target price on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were 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 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,501,989. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,078 shares of company stock worth $16,700,246. Corporate insiders own 0.15% of the company’s stock.

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.