Stewardship Advisors LLC Buys New Shares in Adobe Inc. (NASDAQ:ADBE)

Stewardship Advisors LLC bought a new position in Adobe Inc. (NASDAQ:ADBE) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 489 shares of the software company’s stock, valued at approximately $253,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Swedbank AB bought a new stake in Adobe during the 1st quarter valued at $621,179,000. Longview Partners Guernsey LTD bought a new position in shares of Adobe in the second quarter valued at approximately $663,745,000. Price T Rowe Associates Inc. MD grew its holdings in Adobe by 17.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after buying an additional 1,146,718 shares in the last quarter. BlueSpruce Investments LP grew its stake in shares of Adobe by 81.1% in the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after acquiring an additional 575,675 shares in the last quarter. Finally, Liberty Wealth Management LLC lifted its position in shares of Adobe by 55,496.6% during the second quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock valued at $318,127,000 after purchasing an additional 571,615 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Price Performance

Shares of NASDAQ ADBE traded up $3.84 during mid-day trading on Monday, hitting $498.74. 961,884 shares of the company’s stock traded hands, compared to its average volume of 3,205,725. 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 1 year low of $433.97 and a 1 year high of $638.25. The company has a market capitalization of $221.14 billion, a P/E ratio of 44.66, a PEG ratio of 2.55 and a beta of 1.29. The company’s 50-day moving average is $535.45 and its two-hundred day moving average is $515.91.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates 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 in the prior year, the company posted $3.26 EPS. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, equities analysts anticipate that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on ADBE shares. UBS Group reduced their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Morgan Stanley reissued an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. Bank of America reaffirmed a “buy” rating and issued a $640.00 price objective on shares of Adobe in a research report on Friday, September 13th. Piper Sandler reiterated an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Finally, Stifel Nicolaus increased their price objective on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

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.