Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Appleton Partners Inc. MA

Appleton Partners Inc. MA boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 0.5% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 27,882 shares of the software company’s stock after purchasing an additional 149 shares during the period. Adobe accounts for 1.3% of Appleton Partners Inc. MA’s holdings, making the stock its 16th biggest holding. Appleton Partners Inc. MA’s holdings in Adobe were worth $16,052,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Baldrige Asset Management LLC acquired a new stake in Adobe in the second quarter worth $26,000. Key Financial Inc acquired a new stake in Adobe in the second quarter worth $29,000. Atlantic Trust LLC acquired a new stake in Adobe in the second quarter worth $34,000. Edge Wealth Management LLC increased its position in Adobe by 53.3% in the third quarter. Edge Wealth Management LLC now owns 92 shares of the software company’s stock worth $53,000 after buying an additional 32 shares during the period. Finally, Sound Income Strategies LLC increased its position in Adobe by 58.2% in the second quarter. Sound Income Strategies LLC now owns 106 shares of the software company’s stock worth $62,000 after buying an additional 39 shares during the period. 81.72% of the stock is currently owned by hedge funds and other institutional investors.

In related news, CEO Shantanu Narayen sold 40,000 shares of the stock in a transaction dated Friday, September 24th. The stock was sold at an average price of $620.26, for a total value of $24,810,400.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Gloria Chen sold 42 shares of the stock in a transaction dated Wednesday, November 24th. The stock was sold at an average price of $654.73, for a total value of $27,498.66. The disclosure for this sale can be found here. Insiders sold a total of 44,155 shares of company stock valued at $27,445,489 in the last quarter. 0.23% of the stock is currently owned by corporate insiders.

Shares of NASDAQ:ADBE traded up $3.16 during midday trading on Thursday, reaching $668.32. The company had a trading volume of 2,426,171 shares, compared to its average volume of 2,221,317. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.39 and a current ratio of 1.39. Adobe Inc. has a 1-year low of $420.78 and a 1-year high of $699.54. The firm has a market cap of $318.39 billion, a price-to-earnings ratio of 55.28, a price-to-earnings-growth ratio of 3.43 and a beta of 1.05. The company has a fifty day simple moving average of $630.58 and a two-hundred day simple moving average of $602.04.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Monday, September 20th. The software company reported $3.11 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.01 by $0.10. Adobe had a return on equity of 35.95% and a net margin of 38.67%. The business had revenue of $3.94 billion during the quarter, compared to analyst estimates of $3.90 billion. During the same quarter last year, the company posted $2.12 EPS. Adobe’s revenue for the quarter was up 22.0% on a year-over-year basis. Analysts expect that Adobe Inc. will post 10.52 EPS for the current year.

Several equities research analysts have weighed in on the company. Wells Fargo & Company reaffirmed a “buy” rating and issued a $770.00 target price on shares of Adobe in a research report on Thursday, October 21st. Cowen reissued a “buy” rating and set a $700.00 price target on shares of Adobe in a report on Wednesday, September 22nd. Piper Sandler raised their price target on Adobe from $600.00 to $670.00 and gave the company an “overweight” rating in a report on Wednesday, September 22nd. JPMorgan Chase & Co. raised their price target on Adobe from $660.00 to $680.00 and gave the company an “overweight” rating in a report on Wednesday, September 22nd. Finally, Mizuho reissued a “buy” rating and set a $695.00 price target (up from $640.00) on shares of Adobe in a report on Friday, September 17th. Five research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. According to data from MarketBeat.com, Adobe presently has a consensus rating of “Buy” and a consensus target price of $693.80.

About Adobe

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Light room and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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