Creative Planning Purchases 42,736 Shares of Adobe Inc. (NASDAQ:ADBE)

Creative Planning raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 34.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 165,167 shares of the software company’s stock after acquiring an additional 42,736 shares during the quarter. Creative Planning’s holdings in Adobe were worth $84,750,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Wesbanco Bank Inc. increased its position in shares of Adobe by 52.0% in the third quarter. Wesbanco Bank Inc. now owns 9,650 shares of the software company’s stock valued at $4,997,000 after acquiring an additional 3,303 shares during the last quarter. CX Institutional grew its stake in Adobe by 4.2% in the third quarter. CX Institutional now owns 2,298 shares of the software company’s stock valued at $1,190,000 after purchasing an additional 93 shares in the last quarter. Sivia Capital Partners LLC increased its position in shares of Adobe by 10.3% during the 3rd quarter. Sivia Capital Partners LLC now owns 1,366 shares of the software company’s stock worth $707,000 after purchasing an additional 128 shares during the last quarter. Grove Bank & Trust raised its stake in shares of Adobe by 29.1% during the 3rd quarter. Grove Bank & Trust now owns 7,270 shares of the software company’s stock worth $3,764,000 after purchasing an additional 1,637 shares in the last quarter. Finally, Fiduciary Alliance LLC boosted its holdings in shares of Adobe by 10.8% in the 3rd quarter. Fiduciary Alliance LLC now owns 583 shares of the software company’s stock valued at $302,000 after buying an additional 57 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $494.90 on Friday. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The stock has a market capitalization of $219.44 billion, a price-to-earnings ratio of 44.47, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The company’s 50 day simple moving average is $535.45 and its 200 day simple moving average is $515.78.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results 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. 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 last year, the company posted $3.26 EPS. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, research analysts predict that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $258,297.00. Following the sale, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, EVP Scott Belsky sold 481 shares of the firm’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 $258,297.00. Following the sale, the executive vice president now owns 19,658 shares of the company’s stock, valued at $10,556,346. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the company’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 directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,608 shares of company stock valued at $17,486,391. 0.15% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Royal Bank of Canada restated an “outperform” rating and set a $610.00 target price on shares of Adobe in a report on Tuesday, October 15th. Sanford C. Bernstein lowered their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. Bank of America reiterated a “buy” rating and issued a $640.00 target price on shares of Adobe in a research note on Friday, September 13th. Piper Sandler reissued an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Finally, Morgan Stanley restated an “overweight” rating and issued a $660.00 price objective 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 assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $606.40.

About Adobe

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.