Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Carret Asset Management LLC

Carret Asset Management LLC boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 4.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,170 shares of the software company’s stock after buying an additional 175 shares during the quarter. Carret Asset Management LLC’s holdings in Adobe were worth $2,159,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in ADBE. Vicus Capital increased its position in shares of Adobe by 69.8% in the first quarter. Vicus Capital now owns 1,241 shares of the software company’s stock valued at $626,000 after buying an additional 510 shares in the last quarter. Founders Financial Securities LLC raised its position in Adobe by 8.6% during the first quarter. Founders Financial Securities LLC now owns 2,017 shares of the software company’s stock worth $1,018,000 after acquiring an additional 159 shares during the last quarter. Cornerstone Wealth Group LLC lifted its holdings in shares of Adobe by 83.4% in the first quarter. Cornerstone Wealth Group LLC now owns 1,106 shares of the software company’s stock valued at $558,000 after purchasing an additional 503 shares in the last quarter. Trilogy Capital Inc. acquired a new stake in shares of Adobe in the first quarter valued at approximately $550,000. Finally, Chapin Davis Inc. increased its stake in shares of Adobe by 12.3% during the 1st quarter. Chapin Davis Inc. now owns 456 shares of the software company’s stock worth $230,000 after purchasing an additional 50 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Adobe

In related news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Adobe news, EVP Scott Belsky sold 1,530 shares of the company’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 completion of the transaction, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at $9,675,744.42. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the transaction, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 33,030 shares of company stock valued at $17,176,005 over the last quarter. Company insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ADBE. UBS Group reduced their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Sanford C. Bernstein decreased their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Bank of America reaffirmed a “buy” rating and set a $640.00 price target on shares of Adobe in a research note on Friday, September 13th. Finally, Citigroup upped 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 investment 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 company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Trading Up 0.2 %

Shares of ADBE stock opened at $483.72 on Friday. 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 Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The firm’s 50 day moving average price is $530.03 and its two-hundred day moving average price is $515.76. The stock has a market cap of $214.48 billion, a price-to-earnings ratio of 43.46, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29.

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 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 business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the previous year, the business posted $3.26 EPS. The business’s quarterly revenue was up 10.6% on a year-over-year basis. On average, analysts anticipate that Adobe Inc. will post 14.8 EPS for the current 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.