LPL Financial LLC Purchases 1,443 Shares of Adobe Inc. (NASDAQ:ADBE)

LPL Financial LLC raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 0.3% during the third quarter, HoldingsChannel reports. The firm owned 426,883 shares of the software company’s stock after purchasing an additional 1,443 shares during the quarter. LPL Financial LLC’s holdings in Adobe were worth $221,032,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the business. GAMMA Investing LLC raised its position in Adobe by 28.0% during the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after acquiring an additional 1,412 shares during the period. Hemenway Trust Co LLC boosted its stake in shares of Adobe by 53.1% in the third quarter. Hemenway Trust Co LLC now owns 10,202 shares of the software company’s stock valued at $5,282,000 after purchasing an additional 3,539 shares during the period. Crestwood Advisors Group LLC lifted its stake in Adobe by 1.0% in the third quarter. Crestwood Advisors Group LLC now owns 149,968 shares of the software company’s stock worth $77,650,000 after acquiring an additional 1,464 shares during the last quarter. Anchor Investment Management LLC raised its holdings in Adobe by 9.8% during the second quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock worth $8,892,000 after purchasing an additional 1,430 shares in the last quarter. Finally, Fairscale Capital LLC acquired a new position in shares of Adobe in the 2nd quarter valued at $1,318,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the sale, the executive vice president now directly owns 18,831 shares in the company, valued at $9,675,744.42. The trade was a 7.51 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on ADBE shares. Piper Sandler reissued an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. Morgan Stanley reissued an “overweight” rating and set a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Citigroup lifted their price target on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. UBS Group lowered 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. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $610.00 target price on shares of Adobe in a report 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’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Performance

Adobe stock opened at $504.47 on Friday. The firm has a market capitalization of $222.07 billion, a P/E ratio of 42.61, a price-to-earnings-growth ratio of 2.57 and a beta of 1.30. The company’s 50-day moving average is $503.63 and its 200 day moving average is $518.71. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. 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 posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the previous year, the firm posted $3.26 earnings per share. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. Research analysts forecast that Adobe Inc. will post 14.82 EPS for the current year.

About Adobe

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.