Stonebrook Private Inc. Increases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

by · The Markets Daily

Stonebrook Private Inc. grew its position in Adobe Inc. (NASDAQ:ADBE – Free Report) by 8.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 931 shares of the software company’s stock after buying an additional 71 shares during the quarter. Stonebrook Private Inc.’s holdings in Adobe were worth $482,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Montrusco Bolton Investments Inc. increased its position in shares of Adobe by 2.1% in the third quarter. Montrusco Bolton Investments Inc. now owns 795,489 shares of the software company’s stock valued at $402,646,000 after buying an additional 16,325 shares in the last quarter. Allen Capital Group LLC purchased a new stake in Adobe during the 3rd quarter worth about $1,661,000. Raymond James Trust N.A. increased its position in Adobe by 0.5% during the 3rd quarter. Raymond James Trust N.A. now owns 25,260 shares of the software company’s stock worth $13,079,000 after purchasing an additional 127 shares in the last quarter. Darden Wealth Group Inc increased its position in Adobe by 40.7% during the 3rd quarter. Darden Wealth Group Inc now owns 1,794 shares of the software company’s stock worth $929,000 after purchasing an additional 519 shares in the last quarter. Finally, Eagle Asset Management Inc. increased its position in Adobe by 13.9% during the 3rd quarter. Eagle Asset Management Inc. now owns 16,839 shares of the software company’s stock worth $8,330,000 after purchasing an additional 2,052 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on 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 directly owns 357,700 shares in the company, valued at approximately $186,569,166. The trade was a 6.53 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This trade represents a 23.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock worth $17,736,369 in the last three months. 0.15% of the stock is owned by insiders.

Adobe Stock Performance

Adobe stock opened at $512.15 on Friday. The stock’s 50 day moving average price is $503.13 and its 200 day moving average price is $518.84. The firm has a market capitalization of $225.45 billion, a PE ratio of 43.26, a price-to-earnings-growth ratio of 2.57 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25.

Adobe (NASDAQ:ADBE – Get Free Report) last posted its quarterly earnings data 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. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the previous year, the business earned $3.26 EPS. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, sell-side analysts expect that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Stifel Nicolaus lifted 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. Piper Sandler reiterated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, September 13th. Morgan Stanley reiterated an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. Oppenheimer reiterated an “outperform” rating and set a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. Finally, StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average price target of $606.40.

Check Out Our Latest Research Report on Adobe

Adobe Company Profile

(Free Report)

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.

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