Sky Investment Group LLC Purchases 352 Shares of Adobe Inc. (NASDAQ:ADBE)

by · The Markets Daily

Sky Investment Group LLC grew its position in Adobe Inc. (NASDAQ:ADBE – Free Report) by 10.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,889 shares of the software company’s stock after acquiring an additional 352 shares during the period. Sky Investment Group LLC’s holdings in Adobe were worth $2,014,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Northwest Investment Counselors LLC acquired a new stake in shares of Adobe in the 1st quarter valued at $63,000. Capital Advisors Wealth Management LLC lifted its position in Adobe by 8.7% during the 1st quarter. Capital Advisors Wealth Management LLC now owns 675 shares of the software company’s stock valued at $341,000 after purchasing an additional 54 shares during the period. Fermata Advisors LLC boosted its stake in shares of Adobe by 75.7% in the 1st quarter. Fermata Advisors LLC now owns 715 shares of the software company’s stock valued at $361,000 after purchasing an additional 308 shares during the last quarter. Dynamic Advisor Solutions LLC grew its position in shares of Adobe by 8.9% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 10,342 shares of the software company’s stock worth $5,219,000 after buying an additional 843 shares during the period. Finally, Shorepath Capital Management LLC raised its stake in shares of Adobe by 25.8% during the first quarter. Shorepath Capital Management LLC now owns 7,369 shares of the software company’s stock worth $3,718,000 after buying an additional 1,509 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Performance

Adobe stock traded down $4.75 during midday trading on Tuesday, reaching $492.96. 528,194 shares of the company’s stock were exchanged, compared to its average volume of 3,196,116. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The stock’s 50-day simple moving average is $534.79 and its 200 day simple moving average is $515.99. The firm has a market cap of $218.58 billion, a price-to-earnings ratio of 44.39, 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.

Adobe (NASDAQ:ADBE – Get Free Report) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping 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 period in the previous year, the company posted $3.26 EPS. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, analysts expect that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,501,989. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Adobe 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 transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $258,297.00. Following the completion of the transaction, the executive vice president now directly owns 19,658 shares in the company, valued at approximately $10,556,346. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,608 shares of company stock worth $17,486,391 over the last three months. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on ADBE shares. Citigroup upped their target price on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Oppenheimer reiterated an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Argus raised Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Stifel Nicolaus boosted their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Finally, Bank of America reiterated a “buy” rating and issued a $640.00 price target on shares of Adobe in a research report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Check Out Our Latest Research Report on Adobe

Adobe Company 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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