Empowered Funds LLC Buys 2,811 Shares of Adobe Inc. (NASDAQ:ADBE)

Empowered Funds LLC increased its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 28.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,538 shares of the software company's stock after acquiring an additional 2,811 shares during the quarter. Empowered Funds LLC's holdings in Adobe were worth $6,492,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Edgestream Partners L.P. increased its position in Adobe by 113.0% in the 1st quarter. Edgestream Partners L.P. now owns 6,502 shares of the software company's stock worth $3,281,000 after buying an additional 3,449 shares during the period. Catalytic Wealth RIA LLC grew its stake in shares of Adobe by 98.6% in the first quarter. Catalytic Wealth RIA LLC now owns 1,245 shares of the software company's stock worth $628,000 after acquiring an additional 618 shares during the last quarter. Covestor Ltd increased its position in Adobe by 50.0% during the first quarter. Covestor Ltd now owns 516 shares of the software company's stock worth $261,000 after acquiring an additional 172 shares during the period. Penobscot Investment Management Company Inc. raised its stake in Adobe by 0.6% during the 1st quarter. Penobscot Investment Management Company Inc. now owns 14,084 shares of the software company's stock valued at $7,107,000 after purchasing an additional 90 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC boosted its holdings in Adobe by 6.4% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 64,784 shares of the software company's stock valued at $32,690,000 after purchasing an additional 3,899 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Citigroup upped their price objective on shares of Adobe from $550.00 to $621.00 and gave the company a "neutral" rating in a research report on Wednesday, September 11th. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a report on Friday, September 13th. Morgan Stanley reissued an "overweight" rating and set a $660.00 price objective on shares of Adobe in a report on Friday, September 13th. Royal Bank of Canada restated an "outperform" rating and issued a $610.00 target price on shares of Adobe in a research note on Tuesday, October 15th. Finally, Barclays raised 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. Two equities 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 issued a strong buy rating to the company's stock. According to data from MarketBeat, Adobe presently has a consensus rating of "Moderate Buy" and a consensus price target of $606.40.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the sale, the executive vice president now directly owns 18,831 shares in the company, valued at $9,675,744.42. This trade represents a 7.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the company's stock in a transaction dated 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 owns 2,715 shares in the company, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock worth $17,736,369 in the last quarter. Insiders own 0.15% of the company's stock.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $503.37 on Friday. The business has a fifty day moving average of $509.79 and a 200-day moving average of $518.35. The firm has a market cap of $221.58 billion, a PE ratio of 42.51, a price-to-earnings-growth ratio of 2.59 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE - Get Free Report) last posted 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 during the quarter, compared to analysts' expectations of $5.37 billion. During the same quarter last year, the company posted $3.26 EPS. The company's quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts predict that Adobe Inc. will post 14.82 EPS for the current fiscal year.

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.