Darden Wealth Group Inc Acquires 519 Shares of Adobe Inc. (NASDAQ:ADBE)

Darden Wealth Group Inc increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 40.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,794 shares of the software company’s stock after purchasing an additional 519 shares during the quarter. Darden Wealth Group Inc’s holdings in Adobe were worth $929,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Eagle Asset Management Inc. raised its position in shares of Adobe by 13.9% during the third quarter. Eagle Asset Management Inc. now owns 16,839 shares of the software company’s stock worth $8,330,000 after acquiring an additional 2,052 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Adobe by 0.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,716,451 shares of the software company’s stock worth $1,406,524,000 after buying an additional 21,444 shares during the period. GS Investments Inc. lifted its holdings in Adobe by 1.4% in the third quarter. GS Investments Inc. now owns 7,670 shares of the software company’s stock valued at $3,971,000 after buying an additional 105 shares during the period. Integrated Investment Consultants LLC boosted its position in Adobe by 45.3% during the third quarter. Integrated Investment Consultants LLC now owns 632 shares of the software company’s stock valued at $327,000 after acquiring an additional 197 shares during the last quarter. Finally, LPL Financial LLC raised its position in shares of Adobe by 0.3% in the 3rd quarter. LPL Financial LLC now owns 426,883 shares of the software company’s stock worth $221,032,000 after acquiring an additional 1,443 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Up 1.0 %

Shares of Adobe stock opened at $504.47 on Friday. The company’s 50-day moving average price is $503.63 and its 200-day moving average price is $518.71. The company has a market cap of $222.07 billion, a price-to-earnings ratio of 42.61, a PEG ratio of 2.57 and a beta of 1.30. Adobe Inc. has a 12-month low of $433.97 and a 12-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 quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion during 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 quarterly revenue was up 10.6% compared to the same quarter last year. During the same period last year, the firm earned $3.26 EPS. On average, equities analysts expect that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on ADBE shares. Argus raised shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Citigroup upped their price target on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Barclays increased their price target on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Sanford C. Bernstein lowered their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Finally, UBS Group dropped their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares in the company, valued at $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 represents a 6.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock worth $17,736,369 over the last ninety days. 0.15% of the stock is owned by corporate 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.