D.A. Davidson & CO. Has $23.07 Million Stake in Adobe Inc. (NASDAQ:ADBE)

D.A. Davidson & CO. boosted its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 2.7% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 44,549 shares of the software company's stock after acquiring an additional 1,166 shares during the period. D.A. Davidson & CO.'s holdings in Adobe were worth $23,067,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. GAMMA Investing LLC boosted its position in shares of Adobe by 28.0% in the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company's stock worth $3,344,000 after acquiring an additional 1,412 shares during the last quarter. Hemenway Trust Co LLC grew its stake in shares of Adobe by 53.1% during the 3rd quarter. Hemenway Trust Co LLC now owns 10,202 shares of the software company's stock valued at $5,282,000 after buying an additional 3,539 shares during the period. Crestwood Advisors Group LLC raised its position in shares of Adobe by 1.0% in the 3rd quarter. Crestwood Advisors Group LLC now owns 149,968 shares of the software company's stock worth $77,650,000 after buying an additional 1,464 shares during the period. Anchor Investment Management LLC boosted its holdings in Adobe by 9.8% in the second quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company's stock valued at $8,892,000 after acquiring an additional 1,430 shares during the last quarter. Finally, Fairscale Capital LLC acquired a new stake in Adobe during the second quarter worth about $1,318,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ADBE. Piper Sandler reiterated an "overweight" rating and set a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Argus upgraded Adobe to a "strong-buy" rating in a report on Monday, September 16th. Barclays upped their target price on Adobe from $650.00 to $675.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 4th. StockNews.com raised Adobe from a "hold" rating to a "buy" rating in a research report on Friday, September 13th. Finally, Bank of America reaffirmed a "buy" rating and issued a $640.00 price objective on shares of Adobe in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have issued 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, the company presently has a consensus rating of "Moderate Buy" and an average price target of $606.40.

Adobe Stock Performance

ADBE traded up $6.57 during trading on Tuesday, reaching $525.30. 2,332,353 shares of the company were exchanged, compared to its average volume of 3,141,699. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. 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 firm has a 50 day moving average of $503.08 and a 200 day moving average of $519.50. The stock has a market cap of $231.24 billion, a P/E ratio of 43.81, a PEG ratio of 2.64 and a beta of 1.30.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period last year, the firm posted $3.26 EPS. Adobe's quarterly revenue was up 10.6% compared to the same quarter last year. On average, sell-side analysts forecast that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Shantanu Narayen sold 25,000 shares of the company's stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now directly owns 357,700 shares of the company's stock, valued at approximately $186,569,166. This represents a 6.53 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Jillian Forusz sold 676 shares of the business's stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock valued at $17,736,369 over the last 90 days. 0.15% of the stock is currently owned by company insiders.

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.