Traphagen Investment Advisors LLC Makes New Investment in Adobe Inc. (NASDAQ:ADBE)

Traphagen Investment Advisors LLC acquired a new stake in Adobe Inc. (NASDAQ:ADBE) during the 3rd quarter, Holdings Channel.com reports. The fund acquired 404 shares of the software company’s stock, valued at approximately $209,000.

A number of other hedge funds also recently modified their holdings of ADBE. Oakworth Capital Inc. grew its stake in Adobe by 10.2% in the 3rd quarter. Oakworth Capital Inc. now owns 1,044 shares of the software company’s stock valued at $541,000 after buying an additional 97 shares during the last quarter. Foundations Investment Advisors LLC boosted its holdings in shares of Adobe by 9.7% during the third quarter. Foundations Investment Advisors LLC now owns 27,501 shares of the software company’s stock worth $14,239,000 after acquiring an additional 2,438 shares during the period. Raleigh Capital Management Inc. grew its position in shares of Adobe by 6.4% in the third quarter. Raleigh Capital Management Inc. now owns 836 shares of the software company’s stock valued at $433,000 after purchasing an additional 50 shares during the last quarter. Community Financial Services Group LLC increased its stake in shares of Adobe by 0.3% during the third quarter. Community Financial Services Group LLC now owns 11,413 shares of the software company’s stock worth $5,909,000 after purchasing an additional 32 shares during the period. Finally, Plimoth Trust Co. LLC lifted its holdings in Adobe by 0.3% during the 3rd quarter. Plimoth Trust Co. LLC now owns 7,821 shares of the software company’s stock worth $4,050,000 after purchasing an additional 24 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated 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 owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,501,989. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,608 shares of company stock worth $17,486,391. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the topic of several recent research reports. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 price target on shares of Adobe in a research report on Friday, September 13th. Bank of America reissued a “buy” rating and issued a $640.00 price objective on shares of Adobe in a report on Friday, September 13th. Piper Sandler reaffirmed an “overweight” rating and set a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Finally, Stifel Nicolaus lifted their price target on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe Price Performance

Adobe stock traded down $3.67 during mid-day trading on Tuesday, reaching $494.04. The company had a trading volume of 450,404 shares, compared to its average volume of 3,195,734. The business has a fifty day simple moving average of $534.79 and a 200 day simple moving average of $515.99. The company has a market cap of $219.06 billion, a P/E ratio of 44.39, a P/E/G ratio of 2.55 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 Inc. has a fifty-two week low of $433.97 and a fifty-two week 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 business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.26 EPS. On average, equities research analysts predict that Adobe Inc. will post 14.8 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.