Providence Capital Advisors LLC Buys 289 Shares of Adobe Inc. (NASDAQ:ADBE)

Providence Capital Advisors LLC increased its stake in Adobe Inc. (NASDAQ:ADBE) by 1.9% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,511 shares of the software company’s stock after acquiring an additional 289 shares during the quarter. Adobe accounts for approximately 1.6% of Providence Capital Advisors LLC’s portfolio, making the stock its 15th largest position. Providence Capital Advisors LLC’s holdings in Adobe were worth $8,031,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Onyx Bridge Wealth Group LLC boosted its stake in shares of Adobe by 3.9% during the second quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after purchasing an additional 19 shares during the period. HTLF Bank raised its holdings in shares of Adobe by 3.3% during the second quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after acquiring an additional 19 shares in the last quarter. Commonwealth Financial Services LLC raised its holdings in shares of Adobe by 3.7% during the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock valued at $309,000 after acquiring an additional 19 shares in the last quarter. Orrstown Financial Services Inc. raised its holdings in shares of Adobe by 0.9% during the second quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock valued at $1,257,000 after acquiring an additional 20 shares in the last quarter. Finally, Orser Capital Management LLC raised its holdings in shares of Adobe by 0.3% during the second quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock valued at $3,815,000 after acquiring an additional 20 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

ADBE has been the subject of a number of recent analyst reports. Oppenheimer restated an “outperform” rating and set a $625.00 target price on shares of Adobe in a report on Friday, September 13th. Piper Sandler restated an “overweight” rating and set a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Sanford C. Bernstein decreased their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Barclays upped their target price on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Finally, Bank of America reiterated a “buy” rating and issued a $640.00 price objective on shares of Adobe 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 issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the transaction, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. The trade was a 2.58 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. The trade was a 23.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,187 shares of company stock valued at $17,736,369. Insiders own 0.15% of the company’s stock.

Adobe Trading Down 2.2 %

Adobe stock opened at $513.68 on Thursday. The stock has a market capitalization of $226.12 billion, a PE ratio of 43.39, a price-to-earnings-growth ratio of 2.67 and a beta of 1.30. 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 fifty day moving average is $503.39 and its 200 day moving average is $519.76. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion for 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 business’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period last year, the firm posted $3.26 earnings per share. On average, sell-side analysts predict that Adobe Inc. will post 14.82 EPS for the current year.

Adobe Company 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.