Financial Avengers Inc. Acquires 330 Shares of Adobe Inc. (NASDAQ:ADBE)

Financial Avengers Inc. grew its position in Adobe Inc. (NASDAQ:ADBE) by 6.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,679 shares of the software company’s stock after acquiring an additional 330 shares during the quarter. Adobe accounts for 1.4% of Financial Avengers Inc.’s portfolio, making the stock its 17th biggest holding. Financial Avengers Inc.’s holdings in Adobe were worth $2,940,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in ADBE. Piscataqua Savings Bank increased its stake in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares during the last quarter. Legacy Investment Solutions LLC bought a new stake in Adobe in the 3rd quarter worth approximately $26,000. Groupama Asset Managment increased its stake in Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after acquiring an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new stake in Adobe in the 3rd quarter worth approximately $30,000. Finally, True Wealth Design LLC boosted its holdings in shares of Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In related news, CFO Daniel Durn sold 6,500 shares of the company’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 transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This represents a 23.78 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 34,793 shares of company stock valued at $18,069,669. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ADBE. UBS Group dropped their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Stifel Nicolaus lifted their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Oppenheimer reiterated an “outperform” rating and issued a $625.00 target price on shares of Adobe in a report on Friday, September 13th. BMO Capital Markets lifted their target price on Adobe from $580.00 to $600.00 and gave the stock an “outperform” rating in a report on Friday, December 6th. Finally, Argus upgraded Adobe to a “strong-buy” rating in a report on Monday, September 16th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $600.79.

Adobe Trading Down 0.2 %

ADBE opened at $547.05 on Wednesday. The firm has a market cap of $240.81 billion, a price-to-earnings ratio of 46.20, a PEG ratio of 2.52 and a beta of 1.29. 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. The stock has a fifty day moving average price of $504.80 and a 200-day moving average price of $522.67.

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