HBW Advisory Services LLC Has $461,000 Holdings in Adobe Inc. (NASDAQ:ADBE)

HBW Advisory Services LLC lifted its position in Adobe Inc. (NASDAQ:ADBE) by 5.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 891 shares of the software company’s stock after purchasing an additional 47 shares during the quarter. HBW Advisory Services LLC’s holdings in Adobe were worth $461,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Adobe by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after buying an additional 382,803 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Adobe by 17.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after buying an additional 1,146,718 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Adobe by 1,213.5% in the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after purchasing an additional 1,870,307 shares during the last quarter. Principal Financial Group Inc. boosted its position in Adobe by 0.6% in the second quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock valued at $1,097,475,000 after buying an additional 12,065 shares in the last quarter. Finally, Clearbridge Investments LLC grew its stake in Adobe by 0.8% during the second quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock worth $1,097,044,000 after buying an additional 15,685 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Argus raised Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Piper Sandler reiterated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a report on Friday, September 13th. Melius cut Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective for the company. in a report on Monday, June 10th. TD Cowen reduced their target price on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research note on Monday, June 10th. Finally, Citigroup lifted their price objective on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Up 0.7 %

Shares of NASDAQ ADBE traded up $3.42 during midday trading on Friday, reaching $507.22. The company’s stock had a trading volume of 1,949,994 shares, compared to its average volume of 3,224,393. 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 fifty-two week low of $433.97 and a fifty-two week high of $638.25. The stock has a 50 day simple moving average of $541.74 and a 200-day simple moving average of $516.31. The stock has a market capitalization of $224.90 billion, a price-to-earnings ratio of 45.57, a PEG ratio of 2.72 and a beta of 1.29.

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

Insider Buying and Selling

In other news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction dated 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 completion of the transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Adobe news, EVP Scott Belsky sold 1,530 shares of the firm’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 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 trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,759 shares of company stock worth $17,642,653. Insiders own 0.15% of the company’s stock.

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.