Larson Financial Group LLC Buys 564 Shares of Adobe Inc. (NASDAQ:ADBE)

Larson Financial Group LLC lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 105.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,101 shares of the software company’s stock after acquiring an additional 564 shares during the quarter. Larson Financial Group LLC’s holdings in Adobe were worth $570,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in ADBE. Piscataqua Savings Bank grew its position in Adobe by 226.7% in the 3rd 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 period. MidAtlantic Capital Management Inc. bought a new stake in shares of Adobe in the third quarter worth $30,000. Summit Securities Group LLC purchased a new stake in Adobe during the second quarter valued at $33,000. Briaud Financial Planning Inc bought a new position in Adobe in the third quarter valued at about $36,000. Finally, Highline Wealth Partners LLC bought a new position in Adobe in the third quarter valued at about $38,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 357,700 shares in the company, 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 SEC, which is available at this link. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction that occurred on 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 transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents 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 valued at $17,736,369 over the last 90 days. 0.15% of the stock is owned by corporate insiders.

Adobe Trading Up 1.3 %

Shares of Adobe stock opened at $518.73 on Tuesday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a market cap of $228.34 billion, a price-to-earnings ratio of 43.81, a PEG ratio of 2.64 and a beta of 1.30. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The business has a 50-day moving average price of $503.08 and a 200-day moving average price of $519.50.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The business 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 was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.26 EPS. Equities research analysts anticipate that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ADBE. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 target price on shares of Adobe in a report on Tuesday, October 15th. Morgan Stanley reissued an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 target price on shares of Adobe in a report on Friday, September 13th. Finally, Bank of America reissued a “buy” rating and set a $640.00 price target on shares of Adobe in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

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.