True Wealth Design LLC Acquires 34 Shares of Adobe Inc. (NASDAQ:ADBE)

True Wealth Design LLC increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 141.7% during the third quarter, HoldingsChannel reports. The fund owned 58 shares of the software company’s stock after acquiring an additional 34 shares during the quarter. True Wealth Design LLC’s holdings in Adobe were worth $30,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Plotkin Financial Advisors LLC purchased a new stake in Adobe in the 3rd quarter valued at $316,000. Semmax Financial Advisors Inc. grew its stake in shares of Adobe by 9.5% in the 3rd quarter. Semmax Financial Advisors Inc. now owns 5,094 shares of the software company’s stock worth $2,681,000 after acquiring an additional 444 shares in the last quarter. Tradition Wealth Management LLC raised its holdings in shares of Adobe by 2.8% in the third quarter. Tradition Wealth Management LLC now owns 2,646 shares of the software company’s stock valued at $1,370,000 after purchasing an additional 73 shares during the last quarter. Edgestream Partners L.P. bought a new position in shares of Adobe during the third quarter valued at about $719,000. Finally, Ironwood Investment Counsel LLC boosted its holdings in Adobe by 0.8% during the third quarter. Ironwood Investment Counsel LLC now owns 12,401 shares of the software company’s stock worth $6,421,000 after purchasing an additional 100 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Morgan Stanley reiterated an “overweight” rating and set a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Barclays boosted their price target on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Piper Sandler restated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a report on Friday, September 13th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Finally, Oppenheimer reissued an “outperform” rating and set a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Performance

NASDAQ:ADBE opened at $515.93 on Monday. The stock has a market cap of $227.11 billion, a P/E ratio of 43.58, a PEG ratio of 2.66 and a beta of 1.30. 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’s 50-day moving average price is $503.01 and its two-hundred day moving average price is $520.50. Adobe Inc. has a twelve month low of $433.97 and a twelve 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, 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 business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the prior year, the firm earned $3.26 earnings per share. The firm’s revenue was up 10.6% on a year-over-year basis. As a group, equities analysts predict that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Insider Activity at Adobe

In other Adobe news, CAO Jillian Forusz sold 676 shares of the 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 $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 sale, the chief executive officer now 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. In the last three months, insiders have sold 34,187 shares of company stock valued at $17,736,369. Corporate insiders own 0.15% of the company’s stock.

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.