Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Mogy Joel R Investment Counsel Inc.

Mogy Joel R Investment Counsel Inc. boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.9% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 64,965 shares of the software company’s stock after buying an additional 1,222 shares during the quarter. Adobe accounts for about 2.1% of Mogy Joel R Investment Counsel Inc.’s investment portfolio, making the stock its 18th largest position. Mogy Joel R Investment Counsel Inc.’s holdings in Adobe were worth $33,638,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in ADBE. Net Worth Advisory Group purchased a new position in Adobe during the 3rd quarter worth approximately $1,855,000. Stratos Investment Management LLC grew its position in Adobe by 8.2% during the 3rd quarter. Stratos Investment Management LLC now owns 14,519 shares of the software company’s stock worth $7,518,000 after purchasing an additional 1,102 shares in the last quarter. Stratos Wealth Advisors LLC grew its position in Adobe by 0.4% during the 3rd quarter. Stratos Wealth Advisors LLC now owns 20,532 shares of the software company’s stock worth $10,631,000 after purchasing an additional 75 shares in the last quarter. Stratos Wealth Partners LTD. grew its position in Adobe by 0.9% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 15,827 shares of the software company’s stock worth $8,195,000 after purchasing an additional 147 shares in the last quarter. Finally, Trust Point Inc. grew its position in Adobe by 1.1% during the 3rd quarter. Trust Point Inc. now owns 3,490 shares of the software company’s stock worth $1,807,000 after purchasing an additional 37 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the transaction, the executive vice president now directly owns 18,831 shares in the company, valued at $9,675,744.42. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the transaction, the executive vice president now directly owns 18,831 shares in the company, valued at approximately $9,675,744.42. 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 accessible through this link. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 33,608 shares of company stock worth $17,486,391 over the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several research analyst reports. UBS Group lowered their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research note on Tuesday. Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday, September 13th. Finally, Citigroup lifted their price objective on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. 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 assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Stock Performance

NASDAQ ADBE opened at $494.90 on Friday. The stock has a market cap of $219.44 billion, a P/E ratio of 44.47, a PEG ratio of 2.55 and a beta of 1.29. The company’s 50-day simple moving average is $535.45 and its 200 day simple moving average is $515.67. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The business 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 for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.26 earnings per share. As a group, research analysts forecast that Adobe Inc. will post 14.8 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.