Ninepoint Partners LP Purchases 92 Shares of Adobe Inc. (NASDAQ:ADBE)

Ninepoint Partners LP boosted its position in Adobe Inc. (NASDAQ:ADBE) by 7.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,306 shares of the software company’s stock after purchasing an additional 92 shares during the quarter. Ninepoint Partners LP’s holdings in Adobe were worth $726,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Onyx Bridge Wealth Group LLC boosted its stake in Adobe by 3.9% in the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after purchasing an additional 19 shares during the period. HTLF Bank lifted its position in shares of Adobe by 3.3% during the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after acquiring an additional 19 shares during the period. Commonwealth Financial Services LLC lifted its position 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 acquiring an additional 19 shares during the period. Visionary Wealth Advisors lifted its position in shares of Adobe by 1.0% during the 4th quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock valued at $1,171,000 after acquiring an additional 20 shares during the period. Finally, Orrstown Financial Services Inc. lifted its position in shares of Adobe by 0.9% during the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock valued at $1,257,000 after acquiring an additional 20 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated 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 sale, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,501,989. The disclosure for this sale can be found here. Over the last quarter, insiders sold 33,759 shares of company stock valued at $17,642,653. Company insiders own 0.15% of the company’s stock.

Adobe Trading Up 0.0 %

Shares of ADBE stock opened at $515.48 on Friday. The stock has a market cap of $228.56 billion, a price-to-earnings ratio of 46.31, a PEG ratio of 2.72 and a beta of 1.29. The stock has a 50-day moving average of $545.13 and a 200-day moving average of $517.65. The company has a current ratio of 1.11, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.26 earnings per share. On average, equities research analysts forecast that Adobe Inc. will post 14.79 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on ADBE shares. Citigroup upped their target price on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. UBS Group cut their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. KeyCorp upped their target price on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research report on Friday, June 14th. Mizuho reiterated a “buy” rating and set a $640.00 target price (down from $680.00) on shares of Adobe in a research report on Friday, June 7th. Finally, Piper Sandler Companies reissued an “overweight” rating and set a $635.00 price target on shares of Adobe in a report on Friday, July 12th. Two 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 stock. According to MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus 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.