Castleview Partners LLC Has $711,000 Stock Position in Adobe Inc. (NASDAQ:ADBE)

Castleview Partners LLC increased its stake in Adobe Inc. (NASDAQ:ADBE) by 34.3% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,374 shares of the software company’s stock after purchasing an additional 351 shares during the quarter. Castleview Partners LLC’s holdings in Adobe were worth $711,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Crew Capital Management Ltd. grew its position in Adobe by 80.1% in the third quarter. Crew Capital Management Ltd. now owns 3,251 shares of the software company’s stock valued at $1,683,000 after acquiring an additional 1,446 shares during the period. Bellecapital International Ltd. lifted its holdings in Adobe by 3.0% during the 3rd quarter. Bellecapital International Ltd. now owns 37,561 shares of the software company’s stock worth $19,448,000 after buying an additional 1,098 shares in the last quarter. Arlington Partners LLC boosted its stake in shares of Adobe by 18.3% in the 3rd quarter. Arlington Partners LLC now owns 7,551 shares of the software company’s stock valued at $3,910,000 after purchasing an additional 1,169 shares during the last quarter. Trilogy Capital Inc. grew its holdings in Adobe by 20.9% during the 3rd quarter. Trilogy Capital Inc. now owns 3,336 shares of the software company’s stock worth $1,727,000 after acquiring an additional 576 shares during the period. Finally, Barden Capital Management Inc. increased its stake in shares of Adobe by 2.5% in the 3rd quarter. Barden Capital Management Inc. now owns 5,909 shares of the software company’s stock valued at $3,060,000 after acquiring an additional 142 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ADBE. Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research report on Tuesday, October 15th. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Citigroup raised their price objective on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Finally, Piper Sandler Companies restated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research note on Friday, July 12th. Two 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. Based on data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average target price of $606.40.

Insider Activity

In other news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the sale, the executive vice president now owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,608 shares of company stock worth $17,486,391 over the last three months. 0.15% of the stock is currently owned by corporate insiders.

Adobe Trading Up 0.1 %

ADBE traded up $0.63 during trading on Monday, hitting $495.53. 536,314 shares of the stock were exchanged, compared to its average volume of 3,203,629. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a 50 day simple moving average of $535.45 and a 200 day simple moving average of $515.91. The firm has a market cap of $219.72 billion, a price-to-earnings ratio of 44.66, a P/E/G ratio of 2.55 and a beta of 1.29. 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 data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the business posted $3.26 EPS. As a group, equities analysts expect that Adobe Inc. will post 14.8 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.