Heritage Investors Management Corp Has $24.84 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Heritage Investors Management Corp boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 15.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 47,976 shares of the software company’s stock after purchasing an additional 6,314 shares during the quarter. Heritage Investors Management Corp’s holdings in Adobe were worth $24,841,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Piscataqua Savings Bank increased its holdings in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares during the period. Salomon & Ludwin LLC increased its holdings in Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after buying an additional 45 shares during the period. Summit Securities Group LLC bought a new position in Adobe in the 2nd quarter valued at about $33,000. Lynx Investment Advisory bought a new position in Adobe in the 2nd quarter valued at about $39,000. Finally, Hobbs Group Advisors LLC bought a new position in Adobe in the 2nd quarter valued at about $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Adobe news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s 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 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by corporate insiders.

Adobe Trading Up 0.6 %

Shares of NASDAQ ADBE traded up $2.79 during midday trading on Tuesday, reaching $484.14. The stock had a trading volume of 109,484 shares, compared to its average volume of 3,156,224. 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 twelve month low of $433.97 and a twelve month high of $638.25. The company’s 50 day moving average price is $520.61 and its 200 day moving average price is $516.26. The firm has a market cap of $213.12 billion, a price-to-earnings ratio of 40.65, a price-to-earnings-growth ratio of 2.49 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $5.37 billion. During the same quarter in the previous year, the company earned $3.26 EPS. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. As a group, sell-side analysts expect that Adobe Inc. will post 14.82 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ADBE. Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Bank of America reaffirmed a “buy” rating and set a $640.00 price target on shares of Adobe in a report on Friday, September 13th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 price target on shares of Adobe in a report on Tuesday, October 15th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $635.00 price target on shares of Adobe in a report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

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.