Retireful LLC Invests $553,000 in Adobe Inc. (NASDAQ:ADBE)

by · The Markets Daily

Retireful LLC purchased a new stake in Adobe Inc. (NASDAQ:ADBE – Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 1,068 shares of the software company’s stock, valued at approximately $553,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ADBE. Onyx Bridge Wealth Group LLC increased 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 worth $281,000 after purchasing an additional 19 shares in the last quarter. HTLF Bank increased its stake in Adobe by 3.3% during the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after buying 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 during the last quarter. Orrstown Financial Services Inc. lifted its position in shares of Adobe by 0.9% in 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 boosted its stake in shares of Adobe by 0.3% in the second quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock worth $3,815,000 after acquiring an additional 20 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several recent research reports. Argus raised Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. Barclays boosted their price target on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Oppenheimer reaffirmed an “outperform” rating and set a $625.00 price objective on shares of Adobe in a research note on Friday, September 13th. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average price target of $606.40.

View Our Latest Report on ADBE

Insiders Place Their Bets

In related news, 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 sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was 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. This represents a 23.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock worth $17,736,369 over the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Adobe Price Performance

Adobe stock opened at $499.61 on Wednesday. The company’s 50 day simple moving average is $506.89 and its 200-day simple moving average is $518.95. 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 1 year low of $433.97 and a 1 year high of $638.25. The company has a market capitalization of $219.93 billion, a price-to-earnings ratio of 42.20, a price-to-earnings-growth ratio of 2.59 and a beta of 1.30.

Adobe (NASDAQ:ADBE – Get Free Report) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $5.37 billion. During the same quarter in the previous year, the company earned $3.26 earnings per share. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. As a group, equities research analysts expect that Adobe Inc. will post 14.82 earnings per share for the current year.

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.

Further Reading

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