Aprio Wealth Management LLC Increases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Aprio Wealth Management LLC raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 29.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,092 shares of the software company’s stock after purchasing an additional 247 shares during the period. Aprio Wealth Management LLC’s holdings in Adobe were worth $565,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Affinity Capital Advisors LLC raised its position in shares of Adobe by 3.0% in the third quarter. Affinity Capital Advisors LLC now owns 820 shares of the software company’s stock valued at $425,000 after buying an additional 24 shares during the last quarter. Versant Capital Management Inc increased its position in shares of Adobe by 17.4% during the third quarter. Versant Capital Management Inc now owns 385 shares of the software company’s stock valued at $199,000 after acquiring an additional 57 shares during the last quarter. Greenfield Savings Bank increased its position in shares of Adobe by 9.9% during the third quarter. Greenfield Savings Bank now owns 1,184 shares of the software company’s stock valued at $613,000 after acquiring an additional 107 shares during the last quarter. City Center Advisors LLC acquired a new stake in shares of Adobe during the third quarter valued at about $448,000. Finally, New England Research & Management Inc. increased its position in shares of Adobe by 14.2% during the third quarter. New England Research & Management Inc. now owns 885 shares of the software company’s stock valued at $458,000 after acquiring an additional 110 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction 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 transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction on Tuesday, July 16th. The shares were 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 approximately $1,579,186.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the sale, the executive vice president now owns 20,359 shares in the company, valued at $11,405,722.57. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,759 shares of company stock valued at $17,642,653. 0.15% of the stock is owned by company insiders.

Adobe Stock Performance

Shares of Adobe stock opened at $487.30 on Tuesday. The firm’s fifty day simple moving average is $541.74 and its 200-day simple moving average is $516.26. The stock has a market capitalization of $216.07 billion, a price-to-earnings ratio of 43.78, a PEG ratio of 2.72 and a beta of 1.29. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. Adobe’s revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the company posted $3.26 EPS. As a group, equities analysts forecast that Adobe Inc. will post 14.79 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Piper Sandler Companies reiterated an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, July 12th. Argus raised shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $570.00 to $580.00 in a research note on Friday, June 14th. Melius lowered shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective for the company. in a research note on Monday, June 10th. Finally, StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

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.