J.W. Cole Advisors Inc. Acquires 672 Shares of Adobe Inc. (NASDAQ:ADBE)

J.W. Cole Advisors Inc. lifted its holdings in Adobe Inc. (NASDAQ:ADBE) by 14.9% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 5,184 shares of the software company’s stock after acquiring an additional 672 shares during the quarter. J.W. Cole Advisors Inc.’s holdings in Adobe were worth $2,684,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. GAMMA Investing LLC boosted its position in Adobe by 28.0% during the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after buying an additional 1,412 shares during the period. Anchor Investment Management LLC lifted its stake 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 valued at $8,892,000 after acquiring an additional 1,430 shares during the last quarter. Choreo LLC lifted its stake in shares of Adobe by 4.7% in the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after acquiring an additional 197 shares during the last quarter. Fairscale Capital LLC purchased a new stake in Adobe during the 2nd quarter valued at about $1,318,000. Finally, Daymark Wealth Partners LLC grew its position in Adobe by 89.8% during the 2nd quarter. Daymark Wealth Partners LLC now owns 9,118 shares of the software company’s stock worth $5,065,000 after acquiring an additional 4,315 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the transaction, the executive vice president now owns 18,831 shares in the company, valued at $9,675,744.42. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the transaction, the executive vice president now owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction 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 owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 33,030 shares of company stock valued at $17,176,005. 0.15% of the stock is owned by insiders.

Analysts Set New Price Targets

ADBE has been the subject of several recent research reports. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. Piper Sandler reaffirmed an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research note on Friday, September 13th. Piper Sandler Companies reissued an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research note on Friday, July 12th. Argus upgraded Adobe to a “strong-buy” rating in a report on Monday, September 16th. Finally, Stifel Nicolaus increased their price objective on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Two equities research 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 data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Performance

Adobe stock opened at $483.72 on Monday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock’s 50 day moving average is $530.03 and its 200 day moving average is $515.96. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a market capitalization of $214.48 billion, a P/E ratio of 43.46, a PEG ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued its earnings results 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 firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business’s revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.26 earnings per share. On average, equities research analysts predict that Adobe Inc. will post 14.8 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.