Everhart Financial Group Inc. Buys 369 Shares of Adobe Inc. (NASDAQ:ADBE)

Everhart Financial Group Inc. increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 14.7% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 2,873 shares of the software company’s stock after purchasing an additional 369 shares during the quarter. Everhart Financial Group Inc.’s holdings in Adobe were worth $1,488,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. GAMMA Investing LLC boosted its holdings in Adobe by 28.0% during the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after acquiring an additional 1,412 shares during the period. Crestwood Advisors Group LLC lifted its holdings in shares of Adobe by 1.0% in the 3rd quarter. Crestwood Advisors Group LLC now owns 149,968 shares of the software company’s stock worth $77,650,000 after buying an additional 1,464 shares during the period. Anchor Investment Management LLC lifted its holdings in shares of Adobe by 9.8% in the 2nd quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock worth $8,892,000 after buying an additional 1,430 shares during the period. Fairscale Capital LLC purchased a new stake in shares of Adobe in the 2nd quarter worth $1,318,000. Finally, Daymark Wealth Partners LLC lifted its holdings in shares of Adobe by 89.8% in the 2nd quarter. Daymark Wealth Partners LLC now owns 9,118 shares of the software company’s stock worth $5,065,000 after buying an additional 4,315 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insider Activity

In related news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Adobe news, EVP Scott Belsky sold 481 shares of the firm’s 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 completion of the sale, the executive vice president now owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 value of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 0.00 % 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 quarter. 0.15% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have weighed in on ADBE. Piper Sandler reiterated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Citigroup upped their target price on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Bank of America reiterated a “buy” rating and issued a $640.00 target price on shares of Adobe in a report on Friday, September 13th. Morgan Stanley reissued an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research report on Friday, September 13th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research report on Tuesday, October 15th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Stock Up 2.0 %

Shares of ADBE stock opened at $504.48 on Tuesday. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two 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 firm has a market capitalization of $222.07 billion, a PE ratio of 42.61, a P/E/G ratio of 2.55 and a beta of 1.30. The stock’s 50-day simple moving average is $514.90 and its 200-day simple moving average is $517.00.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion for 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%. Adobe’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.26 earnings per share. Equities analysts expect that Adobe Inc. will post 14.82 earnings per share 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.