Quest Partners LLC Acquires 1,894 Shares of Adobe Inc. (NASDAQ:ADBE)

Quest Partners LLC grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 322.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,482 shares of the software company’s stock after purchasing an additional 1,894 shares during the period. Quest Partners LLC’s holdings in Adobe were worth $1,285,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of ADBE. Aljian Capital Management LLC purchased a new position in shares of Adobe in the third quarter valued at $1,126,000. Glass Wealth Management Co LLC grew its holdings in Adobe by 5.3% during the 3rd quarter. Glass Wealth Management Co LLC now owns 5,655 shares of the software company’s stock valued at $2,928,000 after buying an additional 283 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of Adobe by 8.6% in the third quarter. Thrivent Financial for Lutherans now owns 85,048 shares of the software company’s stock worth $44,036,000 after buying an additional 6,720 shares in the last quarter. Claro Advisors LLC boosted its position in shares of Adobe by 31.2% in the third quarter. Claro Advisors LLC now owns 1,326 shares of the software company’s stock valued at $687,000 after acquiring an additional 315 shares during the period. Finally, Concord Asset Management LLC VA grew its stake in Adobe by 6.6% during the third quarter. Concord Asset Management LLC VA now owns 1,597 shares of the software company’s stock valued at $827,000 after acquiring an additional 99 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction 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 directly owns 357,700 shares of the company’s stock, valued at $186,569,166. This represents a 6.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have commented on the stock. UBS Group cut their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Bank of America restated a “buy” rating and issued a $640.00 target price on shares of Adobe in a research note on Friday, September 13th. Argus upgraded Adobe to a “strong-buy” rating in a research report on Monday, September 16th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. 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 issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Stock Up 0.0 %

Shares of NASDAQ:ADBE opened at $499.61 on Wednesday. Adobe Inc. has a 1 year low of $433.97 and a 1 year 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. The stock’s 50-day moving average is $506.89 and its 200 day moving average is $518.95. The company has a market cap of $219.93 billion, a PE ratio of 42.20, a P/E/G ratio of 2.59 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping 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 company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter last year, the firm posted $3.26 earnings per share. The firm’s revenue was up 10.6% on a year-over-year basis. Sell-side analysts anticipate that Adobe Inc. will post 14.82 EPS for the current year.

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.