Cornerstone Wealth Group LLC Has $635,000 Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Cornerstone Wealth Group LLC lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,227 shares of the software company’s stock after selling 23 shares during the period. Cornerstone Wealth Group LLC’s holdings in Adobe were worth $635,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in Adobe by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after purchasing an additional 382,803 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Adobe by 17.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after acquiring an additional 1,146,718 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Adobe by 0.6% in the 2nd quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock worth $1,097,475,000 after acquiring an additional 12,065 shares during the last quarter. Clearbridge Investments LLC lifted its position in Adobe by 0.8% in the 2nd quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock valued at $1,097,044,000 after acquiring an additional 15,685 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Adobe by 12.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,702,535 shares of the software company’s stock valued at $945,780,000 after purchasing an additional 185,737 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $478.08 on Friday. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a market cap of $211.98 billion, a P/E ratio of 42.95, a P/E/G ratio of 2.55 and a beta of 1.29. The company has a 50 day moving average of $523.68 and a 200 day moving average of $515.55.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same period in the previous year, the business earned $3.26 EPS. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. As a group, sell-side analysts forecast that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Insiders Place Their Bets

In other 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 completion of the sale, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, EVP Scott Belsky sold 481 shares of the stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, 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 have sold 34,187 shares of company stock worth $17,736,369 in the last ninety days. 0.15% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ADBE. Citigroup increased their price objective on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Oppenheimer restated an “outperform” rating and set a $625.00 price objective on shares of Adobe in a research note on Friday, September 13th. Argus raised shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 target price on shares of Adobe in a report on Tuesday, October 15th. Finally, Piper Sandler restated an “overweight” rating and set a $635.00 price target on shares of Adobe in a report on Friday, September 13th. 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 issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

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.