Chronos Wealth Management LLC Buys 364 Shares of Adobe Inc. (NASDAQ:ADBE)

Chronos Wealth Management LLC boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 5.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,604 shares of the software company’s stock after purchasing an additional 364 shares during the quarter. Adobe comprises about 1.8% of Chronos Wealth Management LLC’s investment portfolio, making the stock its 21st largest holding. Chronos Wealth Management LLC’s holdings in Adobe were worth $3,419,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the stock. GAMMA Investing LLC increased its stake in Adobe by 28.0% in the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after purchasing an additional 1,412 shares in the last quarter. Steph & Co. raised its stake in Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares during the period. International Assets Investment Management LLC lifted its holdings in Adobe by 16.2% during the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after acquiring an additional 398 shares in the last quarter. Anchor Investment Management LLC grew its stake in Adobe by 9.8% in the second quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock valued at $8,892,000 after acquiring an additional 1,430 shares during the period. Finally, Choreo LLC increased its holdings in shares of Adobe by 4.7% in the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after acquiring an additional 197 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred on 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 owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $258,297.00. Following the transaction, the executive vice president now owns 19,658 shares in the company, valued at approximately $10,556,346. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 33,608 shares of company stock valued at $17,486,391. Company insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ADBE shares. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Royal Bank of Canada reissued an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research report on Tuesday. Sanford C. Bernstein cut their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. UBS Group lowered their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Finally, Stifel Nicolaus boosted their price target on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Price Performance

NASDAQ:ADBE opened at $494.90 on Friday. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The firm has a market capitalization of $219.44 billion, a price-to-earnings ratio of 44.47, a P/E/G ratio of 2.55 and a beta of 1.29. The stock’s 50 day moving average price is $535.45 and its two-hundred day moving average price is $515.67. 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 (NASDAQ:ADBE) last posted its quarterly earnings results 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 business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the prior year, the business earned $3.26 EPS. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, analysts anticipate that Adobe Inc. will post 14.8 earnings per share for the current year.

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.