Solidarity Wealth LLC Has $8.39 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Solidarity Wealth LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 7.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,206 shares of the software company’s stock after acquiring an additional 1,157 shares during the quarter. Adobe comprises 2.3% of Solidarity Wealth LLC’s portfolio, making the stock its 13th biggest holding. Solidarity Wealth LLC’s holdings in Adobe were worth $8,391,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the business. Piscataqua Savings Bank boosted its stake in 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 purchasing an additional 34 shares during the period. Salomon & Ludwin LLC lifted its holdings in shares of Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after buying an additional 45 shares in the last quarter. Summit Securities Group LLC bought a new stake in shares of Adobe in the second quarter valued at about $33,000. Highline Wealth Partners LLC acquired a new position in shares of Adobe in the third quarter valued at about $38,000. Finally, Lynx Investment Advisory bought a new position in Adobe during the second quarter worth about $39,000. Institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of recent research reports. UBS Group cut their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Sanford C. Bernstein dropped their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Royal Bank of Canada reissued an “outperform” rating and set a $610.00 target price on shares of Adobe in a report on Tuesday, October 15th. Finally, Argus upgraded Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Price Performance

Shares of ADBE opened at $486.68 on Thursday. The firm has a market cap of $215.79 billion, a PE ratio of 43.73, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. Adobe Inc. has a 52-week low of $433.97 and a 52-week 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 business’s 50 day moving average price is $525.27 and its two-hundred day moving average price is $515.81.

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

Insider Buying and Selling

In other news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction dated Friday, October 25th. The shares were 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 $8,763,437.76. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 transaction of $3,350,360.00. Following the sale, 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 disclosure for this sale can be found here. In the last three months, insiders have sold 33,511 shares of company stock valued at $17,408,530. 0.15% of the stock is owned by company insiders.

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.