Cerity Partners LLC Has $158.19 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Cerity Partners LLC increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 9.6% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 305,508 shares of the software company’s stock after acquiring an additional 26,669 shares during the period. Cerity Partners LLC’s holdings in Adobe were worth $158,186,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of ADBE. International Assets Investment Management LLC raised its stake in Adobe by 66,909.7% in 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 buying an additional 1,376,333 shares during the period. Swedbank AB bought a new stake in Adobe in the 1st quarter valued at $621,179,000. Longview Partners Guernsey LTD acquired a new stake in Adobe during the 2nd quarter valued at $663,745,000. BlueSpruce Investments LP boosted its position in Adobe by 81.1% during the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after purchasing an additional 575,675 shares during the period. Finally, Liberty Wealth Management LLC increased its holdings in shares of Adobe by 55,496.6% in the second quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock valued at $318,127,000 after purchasing an additional 571,615 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ADBE has been the subject of several research analyst reports. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Piper Sandler restated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a report on Friday, September 13th. Oppenheimer reiterated an “outperform” rating and set a $625.00 target price on shares of Adobe in a research note on Friday, September 13th. Argus upgraded Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Stifel Nicolaus increased their price objective on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Insider Buying and Selling at Adobe

In other news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This trade represents a 23.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction that occurred on 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 directly owns 18,831 shares of the company’s stock, valued at $9,675,744.42. This represents a 7.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock worth $17,736,369 over the last quarter. Corporate insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of ADBE stock opened at $512.15 on Friday. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The business has a fifty day simple moving average of $503.13 and a 200 day simple moving average of $518.84. The company has a market cap of $225.45 billion, a P/E ratio of 43.26, a P/E/G ratio of 2.57 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 EPS 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 net margin of 25.59% and a return on equity of 42.82%. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.26 earnings per share. On average, sell-side analysts forecast that Adobe Inc. will post 14.82 EPS for the current fiscal 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.