Adobe Inc. (NASDAQ:ADBE) Position Boosted by Crestwood Advisors Group LLC

by · The Cerbat Gem

Crestwood Advisors Group LLC boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 1.0% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 149,968 shares of the software company’s stock after acquiring an additional 1,464 shares during the quarter. Adobe makes up approximately 1.5% of Crestwood Advisors Group LLC’s portfolio, making the stock its 16th largest holding. Crestwood Advisors Group LLC’s holdings in Adobe were worth $77,650,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of ADBE. Vanguard Group Inc. increased its position in shares of Adobe by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after purchasing an additional 382,803 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after acquiring an additional 1,146,718 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Adobe by 0.6% during the second quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock worth $1,097,475,000 after acquiring an additional 12,065 shares during the last quarter. Clearbridge Investments LLC grew its position in shares of Adobe by 0.8% during the 2nd 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 period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Adobe by 12.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,702,535 shares of the software company’s stock worth $945,780,000 after purchasing an additional 185,737 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Insider Buying and Selling at Adobe

In other news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of recent analyst reports. UBS Group lowered their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 target price on shares of Adobe in a report on Tuesday, October 15th. Piper Sandler Companies restated an “overweight” rating and set a $635.00 target price on shares of Adobe in a report on Friday, July 12th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Finally, Citigroup boosted their price objective on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. 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 given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Read Our Latest Stock Report on Adobe

Adobe Price Performance

ADBE stock traded up $2.16 during trading on Tuesday, hitting $483.51. The company had a trading volume of 95,994 shares, compared to its average volume of 3,156,161. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a fifty day moving average price of $520.61 and a two-hundred day moving average price of $516.26. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a market cap of $212.84 billion, a P/E ratio of 40.65, a P/E/G ratio of 2.49 and a beta of 1.30.

Adobe (NASDAQ:ADBE – Get Free Report) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter last year, the company posted $3.26 EPS. Equities research analysts expect that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

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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