Northwest Investment Counselors LLC Purchases New Position in Adobe Inc. (NASDAQ:ADBE)

Northwest Investment Counselors LLC acquired a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 318 shares of the software company’s stock, valued at approximately $165,000.

Several other institutional investors have also modified their holdings of ADBE. Steph & Co. grew its holdings in shares of Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares during the last quarter. Worth Asset Management LLC acquired a new position in shares of Adobe in the first quarter worth $205,000. Strategic Planning Group LLC lifted its holdings in Adobe by 24.2% in the 1st quarter. Strategic Planning Group LLC now owns 6,510 shares of the software company’s stock valued at $3,285,000 after purchasing an additional 1,267 shares in the last quarter. Capital Advisors Wealth Management LLC boosted its position in Adobe by 8.7% during the first quarter. Capital Advisors Wealth Management LLC now owns 675 shares of the software company’s stock worth $341,000 after acquiring an additional 54 shares during the last quarter. Finally, Wealth Management Partners LLC boosted its holdings in shares of Adobe by 14.4% during the first quarter. Wealth Management Partners LLC now owns 620 shares of the software company’s stock worth $313,000 after purchasing an additional 78 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 0.4 %

Shares of ADBE stock traded up $1.97 on Monday, reaching $496.87. 610,910 shares of the company’s stock traded hands, compared to its average volume of 3,204,920. The business’s 50 day moving average price is $535.45 and its two-hundred day moving average price is $515.91. The company has a market capitalization of $220.31 billion, a P/E ratio of 44.66, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. 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 Inc. has a 12-month low of $433.97 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating 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 business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the previous year, the company posted $3.26 EPS. Adobe’s revenue was up 10.6% on a year-over-year basis. On average, equities analysts forecast that Adobe Inc. will post 14.8 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Argus upgraded Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Bank of America reiterated a “buy” rating and issued a $640.00 price target on shares of Adobe in a research note on Friday, September 13th. Morgan Stanley restated an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Piper Sandler restated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research note on Friday, September 13th. Finally, Barclays raised their price target on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the sale, the executive vice president now owns 18,831 shares in the company, valued at approximately $9,675,744.42. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the transaction, the executive vice president now owns 18,831 shares of the company’s stock, valued at $9,675,744.42. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 33,608 shares of company stock valued at $17,486,391 over the last ninety days. Corporate insiders own 0.15% of the company’s stock.

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.