Kestra Investment Management LLC Acquires New Stake in Adobe Inc. (NASDAQ:ADBE)

Kestra Investment Management LLC bought a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 1,576 shares of the software company’s stock, valued at approximately $816,000.

Other large investors have also modified their holdings of the company. Piscataqua Savings Bank lifted its position in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new position in shares of Adobe during the 3rd quarter worth $30,000. True Wealth Design LLC grew its holdings in shares of Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 34 shares during the period. Summit Securities Group LLC acquired a new stake in Adobe during the second quarter worth about $33,000. Finally, Briaud Financial Planning Inc purchased a new position in Adobe during the third quarter worth about $36,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity

In other news, CFO Daniel Durn sold 6,500 shares of the 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 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 represents a 23.78 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 481 shares of Adobe 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 completion of the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,187 shares of company stock worth $17,736,369. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of ADBE stock opened at $515.93 on Monday. The company has a market cap of $227.11 billion, a P/E ratio of 43.58, a PEG ratio of 2.66 and a beta of 1.30. The firm has a fifty day moving average price of $503.01 and a 200 day moving average price of $520.50. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last released 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. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.26 EPS. Sell-side analysts predict that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Citigroup increased their price target on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research note on Friday, September 13th. UBS Group cut their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Finally, Argus raised shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price 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.