Acorn Wealth Advisors LLC Raises Stock Position in Adobe Inc. (NASDAQ:ADBE)

Acorn Wealth Advisors LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 29.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 665 shares of the software company’s stock after acquiring an additional 152 shares during the period. Acorn Wealth Advisors LLC’s holdings in Adobe were worth $344,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. International Assets Investment Management LLC raised its position in Adobe by 66,909.7% during the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after purchasing an additional 1,376,333 shares in the last quarter. Swedbank AB bought a new position in shares of Adobe during the 1st quarter valued at about $621,179,000. Longview Partners Guernsey LTD purchased a new position in shares of Adobe during the 2nd quarter valued at about $663,745,000. Liberty Wealth Management LLC lifted its position in Adobe by 55,496.6% in the 2nd quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock worth $318,127,000 after buying an additional 571,615 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV boosted its stake in Adobe by 982.4% in the second quarter. Mercer Global Advisors Inc. ADV now owns 541,670 shares of the software company’s stock worth $300,919,000 after buying an additional 491,627 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Up 1.3 %

Shares of ADBE stock traded up $6.65 during trading hours on Monday, hitting $518.80. 226,131 shares of the company’s stock traded hands, compared to its average volume of 3,135,229. 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 stock has a market cap of $228.38 billion, a price-to-earnings ratio of 43.26, a PEG ratio of 2.64 and a beta of 1.30. The stock’s fifty day simple moving average is $503.13 and its two-hundred day simple moving average is $519.25. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last released 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. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the previous year, the company posted $3.26 earnings per share. On average, analysts expect that Adobe Inc. will post 14.82 EPS for the current year.

Wall Street Analyst Weigh In

ADBE has been the topic of several research reports. Oppenheimer reissued an “outperform” rating and set a $625.00 price target on shares of Adobe in a research note on Friday, September 13th. Stifel Nicolaus boosted their price target on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Bank of America reaffirmed a “buy” rating and set a $640.00 price objective on shares of Adobe in a research note on Friday, September 13th. Sanford C. Bernstein lowered their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research note on Friday, September 13th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research note on Tuesday, October 15th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Insider Activity

In other Adobe news, CAO Jillian Forusz sold 676 shares of the stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The shares were 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 owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This represents a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock worth $17,736,369 over the last 90 days. 0.15% of the stock is currently owned by insiders.

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.