Daymark Wealth Partners LLC Raises Stock Position in Adobe Inc. (NASDAQ:ADBE)

Daymark Wealth Partners LLC boosted its position in Adobe Inc. (NASDAQ:ADBE) by 0.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,142 shares of the software company’s stock after purchasing an additional 24 shares during the quarter. Daymark Wealth Partners LLC’s holdings in Adobe were worth $4,734,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the company. Tradewinds Capital Management LLC lifted its holdings in shares of Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after acquiring an additional 40 shares during the last quarter. Salomon & Ludwin LLC raised its position in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares in the last quarter. Summit Securities Group LLC bought a new stake in Adobe during the second quarter worth about $33,000. Lynx Investment Advisory purchased a new position in shares of Adobe in the 2nd quarter worth about $39,000. Finally, Hobbs Group Advisors LLC bought a new position in shares of Adobe during the 2nd quarter valued at about $39,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Argus raised Adobe to a “strong-buy” rating in a research note on Monday, September 16th. BMO Capital Markets lifted their target price on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research report on Friday, June 14th. Piper Sandler reissued an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research note on Friday, September 13th. Stifel Nicolaus lifted their price target on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Finally, Piper Sandler Companies reissued an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research note on Friday, July 12th. Two 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. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $606.40.

Insider Buying and Selling at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The shares were 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 directly owns 357,700 shares in the company, valued at $186,569,166. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 20,359 shares of the company’s stock, valued at $11,405,722.57. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,759 shares of company stock worth $17,642,653. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Down 0.6 %

Shares of ADBE stock traded down $2.92 during trading hours on Wednesday, hitting $493.32. 759,643 shares of the company’s stock traded hands, compared to its average volume of 3,221,880. The company has a quick ratio of 1.16, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a market cap of $218.74 billion, a price-to-earnings ratio of 44.25, a PEG ratio of 2.72 and a beta of 1.29. The stock’s fifty day simple moving average is $539.91 and its two-hundred day simple moving average is $516.07. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 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 business 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 company posted $3.26 earnings per share. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, analysts expect that Adobe Inc. will post 14.79 EPS for the current 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.