Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Boston Family Office LLC

Boston Family Office LLC grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 41,324 shares of the software company’s stock after acquiring an additional 511 shares during the quarter. Adobe accounts for approximately 1.4% of Boston Family Office LLC’s holdings, making the stock its 24th largest holding. Boston Family Office LLC’s holdings in Adobe were worth $21,397,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Onyx Bridge Wealth Group LLC grew its position in shares of Adobe by 3.9% during the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after purchasing an additional 19 shares in the last quarter. HTLF Bank raised its stake in shares of Adobe by 3.3% during the second quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after acquiring an additional 19 shares during the last quarter. Commonwealth Financial Services LLC raised its stake in shares of Adobe by 3.7% during the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock valued at $309,000 after acquiring an additional 19 shares during the last quarter. Orrstown Financial Services Inc. increased its position in shares of Adobe by 0.9% during the second quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock worth $1,257,000 after buying an additional 20 shares during the period. Finally, Orser Capital Management LLC increased its position in shares of Adobe by 0.3% during the second quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock worth $3,815,000 after buying an additional 20 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on ADBE shares. Oppenheimer restated an “outperform” rating and issued a $625.00 price target on shares of Adobe in a report on Friday, September 13th. Stifel Nicolaus raised their price target on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Sanford C. Bernstein lowered their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Piper Sandler reiterated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research note on Friday, September 13th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $610.00 price target on shares of Adobe in a research note on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Up 1.5 %

NASDAQ ADBE opened at $512.15 on Monday. The firm has a market cap of $225.45 billion, a PE ratio of 43.26, a price-to-earnings-growth ratio of 2.64 and a beta of 1.30. 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 simple moving average is $503.13 and its 200 day simple moving average is $519.25. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly 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. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter last year, the business posted $3.26 EPS. As a group, sell-side analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Daniel Durn sold 6,500 shares of Adobe 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 directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The trade was a 23.78 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,187 shares of company stock worth $17,736,369. Corporate insiders own 0.15% of the company’s stock.

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.