Concord Asset Management LLC VA Purchases 99 Shares of Adobe Inc. (NASDAQ:ADBE)

Concord Asset Management LLC VA boosted its position in Adobe Inc. (NASDAQ:ADBE) by 6.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,597 shares of the software company’s stock after purchasing an additional 99 shares during the quarter. Concord Asset Management LLC VA’s holdings in Adobe were worth $827,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Piscataqua Savings Bank increased its holdings in shares of Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares in the last quarter. Summit Securities Group LLC purchased a new stake in Adobe in the 2nd quarter worth approximately $33,000. Highline Wealth Partners LLC purchased a new stake in Adobe in the 3rd quarter worth approximately $38,000. Lynx Investment Advisory purchased a new stake in Adobe in the 2nd quarter worth approximately $39,000. Finally, Hobbs Group Advisors LLC purchased a new stake in Adobe in the 2nd quarter worth approximately $39,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Performance

NASDAQ ADBE opened at $503.37 on Friday. The stock has a fifty day simple moving average of $509.79 and a 200-day simple moving average of $518.35. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The stock has a market cap of $221.58 billion, a PE ratio of 42.51, a P/E/G ratio of 2.74 and a beta of 1.30. 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 EPS for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $5.37 billion. During the same period last year, the business posted $3.26 EPS. Adobe’s revenue for the quarter was up 10.6% on a year-over-year basis. Equities analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Sanford C. Bernstein lowered their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 target price on shares of Adobe in a research note on Friday, September 13th. UBS Group reduced their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Finally, Stifel Nicolaus upped their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Activity at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at $8,763,437.76. The trade was a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock worth $17,736,369 in the last three months. 0.15% of the stock is owned by company insiders.

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.