Adobe Inc. (NASDAQ:ADBE) Shares Bought by Petredis Investment Advisors LLC

Petredis Investment Advisors LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 0.3% during the third quarter, Holdings Channel reports. The fund owned 7,810 shares of the software company’s stock after purchasing an additional 24 shares during the quarter. Petredis Investment Advisors LLC’s holdings in Adobe were worth $4,044,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Onyx Bridge Wealth Group LLC boosted its stake in shares of Adobe by 3.9% during the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after purchasing an additional 19 shares during the last quarter. HTLF Bank grew its stake in Adobe by 3.3% in the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after acquiring an additional 19 shares during the period. Commonwealth Financial Services LLC raised its holdings in Adobe by 3.7% in the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock valued at $309,000 after acquiring an additional 19 shares during the last quarter. Orrstown Financial Services Inc. raised its holdings in Adobe by 0.9% in the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock valued at $1,257,000 after acquiring an additional 20 shares during the last quarter. Finally, Orser Capital Management LLC lifted its stake in shares of Adobe by 0.3% during the 2nd quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock worth $3,815,000 after purchasing an additional 20 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of ADBE stock opened at $508.03 on Wednesday. The firm has a fifty day simple moving average of $537.17 and a 200-day simple moving average of $515.94. The company has a market capitalization of $225.26 billion, a PE ratio of 45.65, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. 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 posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the prior year, the company posted $3.26 EPS. Equities research analysts anticipate that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Piper Sandler reiterated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research note on Friday, September 13th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Bank of America restated a “buy” rating and issued a $640.00 target price on shares of Adobe in a report on Friday, September 13th. Piper Sandler Companies reaffirmed an “overweight” rating and set a $635.00 price target on shares of Adobe in a research note on Friday, July 12th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $625.00 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 assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $258,297.00. Following the sale, the executive vice president now directly owns 19,658 shares in the company, valued at $10,556,346. 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 through the SEC website. In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the sale, the executive vice president now owns 19,658 shares in the company, valued at $10,556,346. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 32,078 shares of company stock valued at $16,700,246. Insiders own 0.15% of the company’s stock.

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.