Chesapeake Wealth Management Buys 44 Shares of Adobe Inc. (NASDAQ:ADBE)

Chesapeake Wealth Management lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 2.0% in the third quarter, according to its most recent filing with the SEC. The fund owned 2,281 shares of the software company’s stock after acquiring an additional 44 shares during the period. Chesapeake Wealth Management’s holdings in Adobe were worth $1,181,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Piscataqua Savings Bank lifted its stake in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new position in shares of Adobe during the 3rd quarter valued at about $30,000. Summit Securities Group LLC bought a new stake in Adobe in the 2nd quarter worth approximately $33,000. Highline Wealth Partners LLC purchased a new stake in Adobe in the third quarter worth approximately $38,000. Finally, Lynx Investment Advisory bought a new position in Adobe during the second quarter valued at approximately $39,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. This trade represents a 23.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock worth $17,736,369 in the last quarter. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on ADBE shares. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Oppenheimer restated an “outperform” rating and set a $625.00 price target on shares of Adobe in a research report on Friday, September 13th. Piper Sandler reiterated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, September 13th. UBS Group dropped their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Finally, StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Down 0.8 %

Shares of Adobe stock opened at $499.51 on Tuesday. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The firm has a market cap of $219.88 billion, a price-to-earnings ratio of 42.19, a PEG ratio of 2.59 and a beta of 1.30. The company has a 50-day moving average of $508.38 and a 200 day moving average of $518.85. 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 released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same period last year, the business earned $3.26 earnings per share. The business’s revenue was up 10.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Adobe 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.