Allen Capital Group LLC Purchases Shares of 3,208 Adobe Inc. (NASDAQ:ADBE)

Allen Capital Group LLC purchased a new stake in Adobe Inc. (NASDAQ:ADBE) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 3,208 shares of the software company’s stock, valued at approximately $1,661,000.

Other large investors have also recently bought and sold shares of the company. Raymond James Trust N.A. boosted its stake in Adobe by 0.5% in the third quarter. Raymond James Trust N.A. now owns 25,260 shares of the software company’s stock worth $13,079,000 after purchasing an additional 127 shares in the last quarter. Darden Wealth Group Inc boosted its stake in Adobe by 40.7% in the third quarter. Darden Wealth Group Inc now owns 1,794 shares of the software company’s stock worth $929,000 after purchasing an additional 519 shares in the last quarter. Eagle Asset Management Inc. boosted its stake in Adobe by 13.9% in the third quarter. Eagle Asset Management Inc. now owns 16,839 shares of the software company’s stock worth $8,330,000 after purchasing an additional 2,052 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Adobe by 0.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,716,451 shares of the software company’s stock worth $1,406,524,000 after purchasing an additional 21,444 shares in the last quarter. Finally, GS Investments Inc. lifted its stake in shares of Adobe by 1.4% during the third quarter. GS Investments Inc. now owns 7,670 shares of the software company’s stock valued at $3,971,000 after acquiring an additional 105 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ADBE has been the topic of several research reports. Barclays upped their price target on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 price target on shares of Adobe in a research note on Tuesday, October 15th. Oppenheimer reaffirmed an “outperform” rating and set a $625.00 price target on shares of Adobe in a research note on Friday, September 13th. Bank of America reaffirmed a “buy” rating and set a $640.00 price target on shares of Adobe in a research note on Friday, September 13th. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $504.47 on Friday. The stock has a 50 day moving average price of $503.63 and a 200 day moving average price of $518.71. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. 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 has a market capitalization of $222.07 billion, a PE ratio of 42.61, a price-to-earnings-growth ratio of 2.57 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $5.37 billion. During the same period last year, the firm posted $3.26 earnings per share. The business’s revenue was up 10.6% on a year-over-year basis. Analysts predict that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the sale, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This trade represents a 7.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. The trade was a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock valued at $17,736,369 over the last three months. Insiders own 0.15% of the company’s stock.

Adobe Company 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.