Fortune Financial Advisors LLC Has $1.17 Million Position in Adobe Inc. (NASDAQ:ADBE)

Fortune Financial Advisors LLC cut its position in shares of Adobe Inc. (NASDAQ:ADBE) by 32.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,264 shares of the software company’s stock after selling 1,076 shares during the quarter. Fortune Financial Advisors LLC’s holdings in Adobe were worth $1,172,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vicus Capital increased its stake in Adobe by 69.8% in the first quarter. Vicus Capital now owns 1,241 shares of the software company’s stock valued at $626,000 after acquiring an additional 510 shares during the period. Founders Financial Securities LLC grew its stake in shares of Adobe by 8.6% in the 1st quarter. Founders Financial Securities LLC now owns 2,017 shares of the software company’s stock valued at $1,018,000 after purchasing an additional 159 shares during the period. Cornerstone Wealth Group LLC raised its holdings in shares of Adobe by 83.4% in the 1st quarter. Cornerstone Wealth Group LLC now owns 1,106 shares of the software company’s stock worth $558,000 after buying an additional 503 shares in the last quarter. Trilogy Capital Inc. bought a new position in shares of Adobe during the 1st quarter worth approximately $550,000. Finally, Chapin Davis Inc. lifted its holdings in shares of Adobe by 12.3% during the first quarter. Chapin Davis Inc. now owns 456 shares of the software company’s stock valued at $230,000 after acquiring an additional 50 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Adobe Trading Up 0.2 %

NASDAQ:ADBE opened at $483.72 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The business’s 50-day simple moving average is $530.03 and its 200-day simple moving average is $515.76. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The stock has a market capitalization of $214.48 billion, a PE ratio of 43.46, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share 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 firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the previous year, the firm posted $3.26 earnings per share. The business’s revenue was up 10.6% on a year-over-year basis. Sell-side analysts expect that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ADBE. Piper Sandler reissued an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Bank of America restated a “buy” rating and set a $640.00 target price on shares of Adobe in a report on Friday, September 13th. Morgan Stanley reaffirmed an “overweight” rating and issued a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Argus upgraded shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Finally, StockNews.com raised 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 issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $606.40.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the sale, the executive vice president now owns 18,831 shares of the company’s stock, valued at $9,675,744.42. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the transaction, the executive vice president now owns 18,831 shares of the company’s stock, valued at $9,675,744.42. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,030 shares of company stock valued at $17,176,005. Company insiders own 0.15% of the company’s stock.

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.