Avidian Wealth Enterprises LLC Increases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Avidian Wealth Enterprises LLC lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 11.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,000 shares of the software company’s stock after purchasing an additional 198 shares during the period. Avidian Wealth Enterprises LLC’s holdings in Adobe were worth $1,036,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. HF Advisory Group LLC increased its position in Adobe by 2.8% during the 3rd quarter. HF Advisory Group LLC now owns 2,796 shares of the software company’s stock worth $1,448,000 after purchasing an additional 76 shares in the last quarter. Falcon Wealth Planning grew its holdings in shares of Adobe by 3.6% during the third quarter. Falcon Wealth Planning now owns 1,214 shares of the software company’s stock worth $629,000 after buying an additional 42 shares in the last quarter. NorthRock Partners LLC raised its position in shares of Adobe by 9.3% in the third quarter. NorthRock Partners LLC now owns 4,651 shares of the software company’s stock valued at $2,408,000 after buying an additional 397 shares during the last quarter. Crestwood Advisors Group LLC lifted its stake in shares of Adobe by 1.0% during the third quarter. Crestwood Advisors Group LLC now owns 149,968 shares of the software company’s stock valued at $77,650,000 after buying an additional 1,464 shares during the period. Finally, Heritage Investors Management Corp boosted its position in Adobe by 15.2% during the third quarter. Heritage Investors Management Corp now owns 47,976 shares of the software company’s stock worth $24,841,000 after acquiring an additional 6,314 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of recent analyst reports. Argus raised Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Barclays increased their target price on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Piper Sandler restated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a report on Friday, September 13th. Stifel Nicolaus increased their price objective on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Finally, Bank of America reissued a “buy” rating and issued a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Price Performance

Shares of ADBE stock opened at $504.83 on Thursday. The firm has a fifty day simple moving average of $517.87 and a 200-day simple moving average of $516.33. The company has a market capitalization of $222.23 billion, a PE ratio of 42.64, a price-to-earnings-growth ratio of 2.49 and a beta of 1.30. Adobe Inc. has a twelve month low of $433.97 and a twelve 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.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $5.37 billion. During the same period last year, the firm earned $3.26 earnings per share. The company’s revenue was up 10.6% on a year-over-year basis. Equities research analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other 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 transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The shares were 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 $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction on 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 approximately $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. 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 three months. 0.15% of the stock is owned by insiders.

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.