Abel Hall LLC Buys 27 Shares of Adobe Inc. (NASDAQ:ADBE)

Abel Hall LLC increased its stake in Adobe Inc. (NASDAQ:ADBE) by 5.3% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 537 shares of the software company’s stock after purchasing an additional 27 shares during the quarter. Abel Hall LLC’s holdings in Adobe were worth $278,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Onyx Bridge Wealth Group LLC boosted its position in shares of Adobe by 3.9% during the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after acquiring an additional 19 shares in the last quarter. HTLF Bank lifted its stake in Adobe by 3.3% during the second quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after purchasing an additional 19 shares during the period. Commonwealth Financial Services LLC grew its stake in shares of Adobe by 3.7% in the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock valued at $309,000 after purchasing an additional 19 shares during the period. Connable Office Inc. raised its holdings in shares of Adobe by 0.5% in the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after buying an additional 20 shares in the last quarter. Finally, Citizens & Northern Corp lifted its position in shares of Adobe by 0.6% during the 2nd quarter. Citizens & Northern Corp now owns 3,491 shares of the software company’s stock worth $1,939,000 after buying an additional 21 shares during the period. Institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. UBS Group lowered their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Sanford C. Bernstein cut their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. BMO Capital Markets raised their price objective on shares of Adobe from $580.00 to $600.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Piper Sandler reissued an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Thursday. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $602.08.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 481 shares of the stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. This represents a 2.58 % 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, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock worth $17,736,369 over the last ninety days. Company insiders own 0.15% of the company’s stock.

Adobe Trading Up 2.7 %

NASDAQ:ADBE opened at $552.96 on Monday. The business’s 50-day moving average price is $504.20 and its two-hundred day moving average price is $522.21. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The firm has a market capitalization of $243.41 billion, a price-to-earnings ratio of 46.70, a PEG ratio of 2.52 and a beta of 1.29. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period in the previous year, the company posted $3.26 earnings per share. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, equities analysts expect that Adobe Inc. will post 14.82 earnings per share for the current year.

Adobe 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.