Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Resonant Capital Advisors LLC

Resonant Capital Advisors LLC increased its position in Adobe Inc. (NASDAQ:ADBE) by 12.9% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 3,861 shares of the software company’s stock after acquiring an additional 441 shares during the period. Resonant Capital Advisors LLC’s holdings in Adobe were worth $1,999,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Swedbank AB acquired a new position in Adobe during the first quarter worth approximately $621,179,000. Longview Partners Guernsey LTD acquired a new position in Adobe during the second quarter worth approximately $663,745,000. Price T Rowe Associates Inc. MD increased its position 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 purchasing an additional 1,146,718 shares during the last quarter. BlueSpruce Investments LP increased its position in Adobe by 81.1% during the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after purchasing an additional 575,675 shares during the last quarter. Finally, Liberty Wealth Management LLC increased its position in Adobe by 55,496.6% during the second quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock worth $318,127,000 after purchasing an additional 571,615 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Down 0.4 %

Shares of NASDAQ:ADBE opened at $494.90 on Friday. The stock has a market capitalization of $219.44 billion, a price-to-earnings ratio of 44.47, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The company’s fifty day moving average is $535.45 and its two-hundred day moving average is $515.78. 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 (NASDAQ:ADBE) last issued its earnings results 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. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm’s revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company earned $3.26 earnings per share. Equities analysts anticipate that Adobe Inc. will post 14.8 EPS for the current year.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Wednesday, September 25th. The shares were 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 $186,569,166. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,501,989. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,608 shares of company stock valued at $17,486,391. Company insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Oppenheimer reiterated an “outperform” rating and set a $625.00 price objective on shares of Adobe in a research note on Friday, September 13th. Piper Sandler Companies reiterated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research note on Friday, July 12th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Finally, Argus upgraded shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target 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.