Castle Rock Wealth Management LLC Has $816,000 Position in Adobe Inc. (NASDAQ:ADBE)

by · The Cerbat Gem

Castle Rock Wealth Management LLC trimmed its position in Adobe Inc. (NASDAQ:ADBE – Free Report) by 53.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,659 shares of the software company’s stock after selling 1,877 shares during the quarter. Castle Rock Wealth Management LLC’s holdings in Adobe were worth $816,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the company. Onyx Bridge Wealth Group LLC lifted its position in shares of Adobe by 3.9% in the second quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after buying an additional 19 shares during the last quarter. HTLF Bank boosted its position in Adobe by 3.3% during the second quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after purchasing an additional 19 shares during the period. Commonwealth Financial Services LLC boosted its position in Adobe by 3.7% during the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after purchasing an additional 19 shares during the period. Orrstown Financial Services Inc. increased its holdings in shares of Adobe by 0.9% in the second quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock valued at $1,257,000 after purchasing an additional 20 shares during the last quarter. Finally, Orser Capital Management LLC lifted its stake in shares of Adobe by 0.3% during the 2nd quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock worth $3,815,000 after buying an additional 20 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 research analysts recently commented on ADBE shares. Robert W. Baird upped their price target on shares of Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research note on Friday, June 14th. JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $570.00 to $580.00 in a report on Friday, June 14th. Wells Fargo & Company upped their price objective on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. BMO Capital Markets lifted their target price on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a report on Friday, June 14th. Finally, Argus upgraded shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

View Our Latest Research Report on Adobe

Adobe Price Performance

ADBE stock traded down $4.89 during midday trading on Friday, reaching $498.68. 746,058 shares of the stock were exchanged, compared to its average volume of 3,217,754. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market capitalization of $219.52 billion, a PE ratio of 42.61, a P/E/G ratio of 2.55 and a beta of 1.29. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a fifty day moving average price of $537.90 and a 200 day moving average price of $515.83.

Adobe (NASDAQ:ADBE – Get Free Report) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the prior year, the firm posted $3.26 earnings per share. The firm’s revenue was up 10.6% compared to the same quarter last year. As a group, analysts expect that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the firm’s 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 completion of the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,501,989. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mark S. Garfield sold 151 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction 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. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 33,759 shares of company stock valued at $17,642,653 over the last 90 days. 0.15% of the stock is owned by insiders.

About Adobe

(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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