Stratos Wealth Partners LTD. Buys 147 Shares of Adobe Inc. (NASDAQ:ADBE)

Stratos Wealth Partners LTD. boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 0.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,827 shares of the software company’s stock after purchasing an additional 147 shares during the quarter. Stratos Wealth Partners LTD.’s holdings in Adobe were worth $8,195,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. International Assets Investment Management LLC grew its position in shares of Adobe by 16.2% in the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock valued at $1,435,000 after purchasing an additional 398 shares during the last quarter. Salem Investment Counselors Inc. lifted its stake in shares of Adobe by 1.5% in the first quarter. Salem Investment Counselors Inc. now owns 2,232 shares of the software company’s stock valued at $1,126,000 after buying an additional 33 shares during the period. Steph & Co. lifted its stake in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares during the period. Northwest Investment Counselors LLC bought a new position in Adobe during the first quarter valued at about $63,000. Finally, CHICAGO TRUST Co NA lifted its position in shares of Adobe by 3.2% in the 1st quarter. CHICAGO TRUST Co NA now owns 4,982 shares of the software company’s stock worth $2,514,000 after acquiring an additional 153 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $494.90 on Friday. The company 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 firm’s 50 day simple moving average is $535.45 and its 200 day simple moving average is $515.78. 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.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period last year, the business posted $3.26 earnings per share. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Adobe Inc. will post 14.8 earnings per share for the current year.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the transaction, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,608 shares of company stock valued at $17,486,391. 0.15% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ADBE. Morgan Stanley restated an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Sanford C. Bernstein decreased their target price 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. Citigroup increased their price target on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Finally, Stifel Nicolaus lifted their price objective 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 assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

About Adobe

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.