Intellectus Partners LLC Boosts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Intellectus Partners LLC raised its position in Adobe Inc. (NASDAQ:ADBE) by 5.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,575 shares of the software company’s stock after purchasing an additional 226 shares during the quarter. Intellectus Partners LLC’s holdings in Adobe were worth $2,369,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. GM Advisory Group LLC purchased a new position in Adobe in the first quarter valued at about $214,000. Forge First Asset Management Inc. acquired a new position in Adobe during the 1st quarter valued at about $6,207,000. M&G Plc purchased a new stake in Adobe in the first quarter valued at about $62,015,000. Mizuho Markets Cayman LP acquired a new position in shares of Adobe during the first quarter valued at about $426,000. Finally, First Foundation Advisors raised its position in shares of Adobe by 6.9% in the 1st quarter. First Foundation Advisors now owns 9,953 shares of the software company’s stock valued at $5,022,000 after purchasing an additional 646 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. The trade was a 6.53 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock worth $17,736,369 in the last quarter. 0.15% of the stock is owned by corporate insiders.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $529.87 on Friday. The company has a market cap of $233.25 billion, a P/E ratio of 44.75, a P/E/G ratio of 2.71 and a beta of 1.30. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The business has a fifty day simple moving average of $511.75 and a 200-day simple moving average of $517.67.

Adobe (NASDAQ:ADBE) last issued 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 return on equity of 42.82% and a net margin of 25.59%. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.26 EPS. Equities research analysts forecast that Adobe Inc. will post 14.82 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have commented on ADBE. Argus raised shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Oppenheimer reiterated an “outperform” rating and set a $625.00 price target on shares of Adobe in a research report on Friday, September 13th. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Friday, September 13th. UBS Group decreased their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 target price on shares of Adobe in a research note on Tuesday, October 15th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Profile

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.