Hazlett Burt & Watson Inc. Boosts Position in Adobe Inc. (NASDAQ:ADBE)

Hazlett Burt & Watson Inc. grew its position in Adobe Inc. (NASDAQ:ADBE) by 9.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,488 shares of the software company’s stock after buying an additional 131 shares during the quarter. Hazlett Burt & Watson Inc.’s holdings in Adobe were worth $775,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in ADBE. First National Bank of Mount Dora Trust Investment Services increased its holdings in Adobe by 3.7% during the 3rd quarter. First National Bank of Mount Dora Trust Investment Services now owns 18,132 shares of the software company’s stock valued at $9,388,000 after acquiring an additional 639 shares in the last quarter. PDS Planning Inc raised its position in shares of Adobe by 2.7% during the 3rd quarter. PDS Planning Inc now owns 3,657 shares of the software company’s stock worth $1,894,000 after purchasing an additional 96 shares during the last quarter. TKG Advisors LLC lifted its stake in Adobe by 58.7% in the 3rd quarter. TKG Advisors LLC now owns 917 shares of the software company’s stock valued at $475,000 after buying an additional 339 shares in the last quarter. Leeward Financial Partners LLC lifted its stake in Adobe by 2.8% in the 3rd quarter. Leeward Financial Partners LLC now owns 8,726 shares of the software company’s stock valued at $4,518,000 after buying an additional 236 shares in the last quarter. Finally, Asset Management One Co. Ltd. grew its holdings in Adobe by 3.0% during the 3rd quarter. Asset Management One Co. Ltd. now owns 212,429 shares of the software company’s stock valued at $109,991,000 after buying an additional 6,241 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction dated 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 owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction 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 sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock valued at $17,736,369 in the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Down 0.2 %

Shares of NASDAQ ADBE traded down $1.00 during midday trading on Monday, reaching $481.80. 318,822 shares of the company’s stock were exchanged, compared to its average volume of 3,162,845. The stock has a market capitalization of $212.09 billion, a PE ratio of 40.60, a price-to-earnings-growth ratio of 2.46 and a beta of 1.30. 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 fifty day moving average price is $522.17 and its two-hundred day moving average price is $516.20.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the previous year, the business earned $3.26 EPS. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. Analysts forecast that Adobe Inc. will post 14.82 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on ADBE shares. Piper Sandler Companies restated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research report on Friday, July 12th. Sanford C. Bernstein decreased their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. Bank of America reiterated a “buy” rating and set a $640.00 price target on shares of Adobe in a report on Friday, September 13th. UBS Group decreased their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $606.40.

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.