First Trust Direct Indexing L.P. Purchases 1,703 Shares of Adobe Inc. (NASDAQ:ADBE)

First Trust Direct Indexing L.P. increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 14.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 13,244 shares of the software company’s stock after buying an additional 1,703 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Adobe were worth $6,858,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Piscataqua Savings Bank grew its position in shares of Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares during the period. Tradewinds Capital Management LLC increased its position in Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after buying an additional 40 shares during the last quarter. Salomon & Ludwin LLC lifted its position in shares of Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after buying an additional 45 shares during the last quarter. Summit Securities Group LLC bought a new position in shares of Adobe during the 2nd quarter worth approximately $33,000. Finally, Highline Wealth Partners LLC bought a new stake in Adobe in the 3rd quarter valued at $38,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the topic of several research reports. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Barclays increased their target price on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Stifel Nicolaus increased their price objective on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Argus upgraded shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Oppenheimer reissued an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $606.40.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 481 shares of Adobe 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 transaction, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Adobe news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,511 shares of company stock valued at $17,408,530 in the last ninety days. 0.15% of the stock is currently owned by insiders.

Adobe Price Performance

Shares of ADBE traded up $4.19 during trading hours on Wednesday, reaching $489.58. The stock had a trading volume of 837,654 shares, compared to its average volume of 3,169,311. The stock has a market capitalization of $217.08 billion, a PE ratio of 44.02, a PEG ratio of 2.55 and a beta of 1.29. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The company’s 50-day moving average is $526.85 and its two-hundred day moving average is $516.01.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion during 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 business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the company earned $3.26 earnings per share. Research analysts expect that Adobe Inc. will post 14.8 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.