Brighton Jones LLC Purchases 142 Shares of Adobe Inc. (NASDAQ:ADBE)

Brighton Jones LLC boosted its position in Adobe Inc. (NASDAQ:ADBE) by 1.8% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 8,126 shares of the software company’s stock after purchasing an additional 142 shares during the period. Brighton Jones LLC’s holdings in Adobe were worth $4,514,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in ADBE. Concentrum Wealth Management grew its position in Adobe by 11.3% in the 4th quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock worth $1,435,194,000 after purchasing an additional 244,008 shares in the last quarter. Aveo Capital Partners LLC grew its position in shares of Adobe by 5.9% during the 4th quarter. Aveo Capital Partners LLC now owns 932 shares of the software company’s stock valued at $556,000 after acquiring an additional 52 shares during the period. Gryphon Financial Partners LLC grew its position in shares of Adobe by 22.7% during the 4th quarter. Gryphon Financial Partners LLC now owns 3,561 shares of the software company’s stock valued at $2,066,000 after acquiring an additional 658 shares during the period. TrinityPoint Wealth LLC grew its position in shares of Adobe by 3.0% during the 4th quarter. TrinityPoint Wealth LLC now owns 1,097 shares of the software company’s stock valued at $654,000 after acquiring an additional 32 shares during the period. Finally, Quest Partners LLC bought a new position in shares of Adobe during the 4th quarter valued at approximately $629,000. 81.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

ADBE has been the subject of a number of research reports. Sanford C. Bernstein reduced their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, July 12th. KeyCorp raised their price objective on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a report on Friday, June 14th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Performance

Adobe stock opened at $526.44 on Friday. The stock has a market cap of $233.42 billion, a P/E ratio of 47.30, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The firm’s fifty day moving average price is $549.91 and its 200-day moving average price is $519.04. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates 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 24.86% and a return on equity of 40.67%. The firm’s revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the company earned $3.26 EPS. On average, equities research analysts expect that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 151 shares of the firm’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 sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was 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 directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. The disclosure for this sale can be found here. Insiders have sold a total of 33,759 shares of company stock worth $18,205,903 in the last 90 days. 0.15% of the stock is owned by company insiders.

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.