Legacy Wealth Asset Management LLC Acquires 51 Shares of Adobe Inc. (NASDAQ:ADBE)

Legacy Wealth Asset Management LLC raised its stake in Adobe Inc. (NASDAQ:ADBE) by 1.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,824 shares of the software company’s stock after purchasing an additional 51 shares during the period. Legacy Wealth Asset Management LLC’s holdings in Adobe were worth $1,980,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Sigma Investment Counselors Inc. increased its position in shares of Adobe by 13.1% during the 3rd quarter. Sigma Investment Counselors Inc. now owns 9,495 shares of the software company’s stock worth $4,916,000 after purchasing an additional 1,097 shares in the last quarter. Lake Street Advisors Group LLC boosted its stake in Adobe by 3.1% during the 3rd quarter. Lake Street Advisors Group LLC now owns 4,373 shares of the software company’s stock worth $2,264,000 after acquiring an additional 131 shares during the last quarter. Tandem Capital Management Corp ADV acquired a new position in shares of Adobe in the 3rd quarter valued at $858,000. Ballentine Partners LLC grew its stake in Adobe by 9.3% in the third quarter. Ballentine Partners LLC now owns 7,913 shares of the software company’s stock valued at $4,097,000 after acquiring an additional 675 shares during the period. Finally, Heritage Oak Wealth Advisors LLC acquired a new position in shares of Adobe in the 3rd quarter valued at approximately $208,000. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 0.2 %

ADBE opened at $483.72 on Friday. The company’s 50 day moving average price is $530.03 and its two-hundred day moving average price is $515.60. The firm has a market capitalization of $214.48 billion, a price-to-earnings ratio of 43.46, a PEG ratio of 2.55 and a beta of 1.29. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. 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 (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the prior year, the firm posted $3.26 earnings per share. The business’s quarterly revenue was up 10.6% on a year-over-year basis. As a group, research analysts predict that Adobe Inc. will post 14.8 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. UBS Group dropped their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Royal Bank of Canada reissued an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research report on Tuesday, October 15th. Finally, Oppenheimer reissued an “outperform” rating and set a $625.00 price target on shares of Adobe in a research report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $606.40.

Insider Activity

In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction 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 completion of the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Adobe 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 completion of the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the business’s 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 completion of the transaction, the executive vice president now directly owns 18,831 shares in the company, valued at approximately $9,675,744.42. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,030 shares of company stock valued at $17,176,005. 0.15% of the stock is currently owned by insiders.

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.