Acorn Wealth Advisors LLC Buys 152 Shares of Adobe Inc. (NASDAQ:ADBE)

Acorn Wealth Advisors LLC lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 29.6% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 665 shares of the software company’s stock after buying an additional 152 shares during the quarter. Acorn Wealth Advisors LLC’s holdings in Adobe were worth $344,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in ADBE. International Assets Investment Management LLC lifted its holdings in Adobe by 66,909.7% during the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after purchasing an additional 1,376,333 shares in the last quarter. Swedbank AB bought a new stake in shares of Adobe during the 1st quarter valued at $621,179,000. Longview Partners Guernsey LTD purchased a new position in shares of Adobe in the second quarter valued at about $663,745,000. Liberty Wealth Management LLC lifted its holdings in Adobe by 55,496.6% in the 2nd quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock worth $318,127,000 after purchasing an additional 571,615 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV boosted its position in shares of Adobe by 982.4% during the second quarter. Mercer Global Advisors Inc. ADV now owns 541,670 shares of the software company’s stock worth $300,919,000 after acquiring an additional 491,627 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on ADBE. Royal Bank of Canada restated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research report on Tuesday, October 15th. Bank of America restated a “buy” rating and issued a $640.00 price target on shares of Adobe in a research report on Friday, September 13th. Oppenheimer reissued an “outperform” rating and set a $625.00 price target on shares of Adobe in a research report on Friday, September 13th. Sanford C. Bernstein lowered their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research note on Friday, September 13th. Finally, StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Buying and Selling

In other news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction dated Friday, October 25th. The stock was 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 directly owns 18,128 shares in the company, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 19.94 % 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 90 days. Insiders own 0.15% of the company’s stock.

Adobe Stock Up 1.3 %

Shares of ADBE traded up $6.65 during mid-day trading on Monday, hitting $518.80. 226,131 shares of the company traded hands, compared to its average volume of 3,135,229. The business has a 50 day moving average of $503.13 and a 200 day moving average of $519.25. The company has a market capitalization of $228.38 billion, a PE ratio of 43.26, a price-to-earnings-growth ratio of 2.64 and a beta of 1.30. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the prior year, the business posted $3.26 EPS. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. Equities research analysts anticipate that Adobe Inc. will post 14.82 EPS for the current 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.