Brophy Wealth Management LLC Purchases Shares of 2,250 Adobe Inc. (NASDAQ:ADBE)

Brophy Wealth Management LLC acquired a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,250 shares of the software company’s stock, valued at approximately $1,165,000.

Several other hedge funds also recently modified their holdings of the company. Legacy Investment Solutions LLC acquired a new stake in Adobe during the 3rd quarter valued at $26,000. Piscataqua Savings Bank boosted its stake in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. bought a new stake in shares of Adobe during the third quarter worth $30,000. True Wealth Design LLC increased its stake in shares of Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 34 shares in the last quarter. Finally, Summit Securities Group LLC bought a new position in shares of Adobe in the second quarter valued at about $33,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the topic of a number of research analyst reports. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Royal Bank of Canada reissued an “outperform” rating and issued a $610.00 price target on shares of Adobe in a report on Thursday, December 5th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Stifel Nicolaus lifted their target price on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $625.00 price target on shares of Adobe in a research note on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $600.79.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 481 shares of the stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 value of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This 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 worth $17,736,369 over the last ninety days. Company insiders own 0.15% of the company’s stock.

Adobe Stock Down 0.9 %

NASDAQ:ADBE opened at $547.93 on Tuesday. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The stock has a 50-day moving average price of $504.80 and a two-hundred day moving average price of $522.67. The stock has a market cap of $241.20 billion, a price-to-earnings ratio of 46.28, a PEG ratio of 2.52 and a beta of 1.29. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data 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 business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.26 EPS. As a group, equities analysts expect that Adobe Inc. will post 14.82 earnings per share for the current year.

Adobe Company 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.