Profit Investment Management LLC Buys 858 Shares of Adobe Inc. (NASDAQ:ADBE)

Profit Investment Management LLC raised its position in Adobe Inc. (NASDAQ:ADBEFree Report) by 157.1% during the third quarter, HoldingsChannel.com reports. The firm owned 1,404 shares of the software company’s stock after purchasing an additional 858 shares during the period. Profit Investment Management LLC’s holdings in Adobe were worth $727,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Independence Bank of Kentucky grew its stake in Adobe by 19.8% during the 3rd quarter. Independence Bank of Kentucky now owns 2,877 shares of the software company’s stock worth $1,490,000 after buying an additional 475 shares during the last quarter. Worth Asset Management LLC purchased a new stake in shares of Adobe in the 3rd quarter valued at $1,747,000. CCM Investment Advisers LLC grew its position in Adobe by 1.2% during the 3rd quarter. CCM Investment Advisers LLC now owns 28,046 shares of the software company’s stock worth $14,522,000 after purchasing an additional 319 shares during the period. San Luis Wealth Advisors LLC boosted its position in Adobe by 5.1% in the 3rd quarter. San Luis Wealth Advisors LLC now owns 7,131 shares of the software company’s stock worth $3,692,000 after purchasing an additional 348 shares in the last quarter. Finally, Albion Financial Group UT increased its holdings in Adobe by 9.3% in the third quarter. Albion Financial Group UT now owns 1,875 shares of the software company’s stock valued at $971,000 after buying an additional 160 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Up 0.2 %

NASDAQ ADBE traded up $0.96 during trading on Friday, reaching $504.53. 491,502 shares of the company’s stock were exchanged, compared to its average volume of 3,216,462. The company has a current ratio of 1.11, a quick ratio of 1.11 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 company’s fifty day simple moving average is $537.90 and its 200-day simple moving average is $515.83. The firm has a market capitalization of $222.09 billion, a PE ratio of 42.61, a P/E/G ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBEGet Free Report) last released its quarterly earnings data 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 firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.26 EPS. Sell-side analysts predict that Adobe Inc. will post 14.8 EPS for the current year.

Insider Buying and Selling

In other news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $560.23, for a total transaction of $857,151.90. Following the transaction, the executive vice president now owns 20,359 shares in the company, valued at approximately $11,405,722.57. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of the 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 $52,089.00. Following the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the sale, the executive vice president now owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 33,759 shares of company stock valued at $17,642,653. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Stifel Nicolaus raised their target price on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Robert W. Baird boosted their price objective on shares of Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a report on Friday, June 14th. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Finally, UBS Group reduced their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $606.40.

View Our Latest Stock Report on Adobe

Adobe Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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