Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Versant Capital Management Inc

Versant Capital Management Inc boosted its position in Adobe Inc. (NASDAQ:ADBE) by 17.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 385 shares of the software company’s stock after buying an additional 57 shares during the quarter. Versant Capital Management Inc’s holdings in Adobe were worth $199,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in ADBE. Onyx Bridge Wealth Group LLC increased its holdings in shares of Adobe by 3.9% in the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after acquiring an additional 19 shares during the period. HTLF Bank lifted its position in shares of Adobe by 3.3% in the second quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after purchasing an additional 19 shares in the last quarter. Commonwealth Financial Services LLC boosted its stake in shares of Adobe by 3.7% during the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock valued at $309,000 after buying an additional 19 shares during the period. Visionary Wealth Advisors grew its stake 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 purchasing an additional 20 shares in the last quarter. Finally, Orrstown Financial Services Inc. grew its stake in shares of Adobe by 0.9% in the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock valued at $1,257,000 after buying an additional 20 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CFO Daniel Durn sold 6,500 shares of the firm’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 transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,579,186.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,759 shares of company stock valued at $17,642,653 in the last ninety days. 0.15% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several analyst reports. Sanford C. Bernstein reduced their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Melius Research restated a “hold” rating and set a $510.00 target price on shares of Adobe in a research report on Monday, June 10th. Barclays upped their price objective on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and raised their target price for the company from $570.00 to $580.00 in a research note on Friday, June 14th. Finally, JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Stock Down 3.9 %

Shares of NASDAQ:ADBE opened at $487.30 on Tuesday. The business’s 50 day moving average is $541.74 and its 200 day moving average is $516.26. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The stock has a market cap of $216.07 billion, a price-to-earnings ratio of 43.78, a PEG ratio of 2.72 and a beta of 1.29. The company has a quick ratio of 1.16, a current 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 (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the prior year, the business posted $3.26 EPS. The business’s revenue was up 10.6% compared to the same quarter last year. On average, sell-side analysts forecast that Adobe Inc. will post 14.79 earnings per share for the current fiscal year.

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.