3Chopt Investment Partners LLC Makes New Investment in Adobe Inc. (NASDAQ:ADBE)

3Chopt Investment Partners LLC purchased a new stake in shares of Adobe Inc. (NASDAQ:ADBE) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 1,851 shares of the software company’s stock, valued at approximately $1,028,000.

Other hedge funds also recently modified their holdings of the company. Onyx Bridge Wealth Group LLC lifted its holdings in Adobe by 3.9% during the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after buying an additional 19 shares during the period. HTLF Bank raised its position in shares of Adobe by 3.3% during the second quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after acquiring an additional 19 shares during the last quarter. Commonwealth Financial Services LLC lifted its stake in shares of Adobe by 3.7% in the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after acquiring an additional 19 shares during the period. Visionary Wealth Advisors boosted its holdings in Adobe by 1.0% in the fourth quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock valued at $1,171,000 after acquiring an additional 20 shares during the last quarter. Finally, Orrstown Financial Services Inc. increased its position in Adobe by 0.9% during the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock valued at $1,257,000 after purchasing an additional 20 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

In other news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated Thursday, July 25th. The shares were 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 owns 2,797 shares in the company, valued at $1,501,989. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,501,989. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s 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 transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,759 shares of company stock worth $17,642,653. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE opened at $517.78 on Tuesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.11. The company has a market capitalization of $229.58 billion, a PE ratio of 46.52, a price-to-earnings-growth ratio of 2.72 and a beta of 1.29. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a 50-day simple moving average of $544.38 and a 200 day simple moving average of $516.45.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.26 earnings per share. On average, research analysts predict that Adobe Inc. will post 14.79 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ADBE. Argus upgraded shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Barclays raised their target price on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Melius Research restated a “hold” rating and set a $510.00 price target on shares of Adobe in a report on Monday, June 10th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research note on Friday, September 13th. Two research 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, Adobe currently has an average rating of “Moderate Buy” and an average target price of $606.40.

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.