Adobe Inc. (NASDAQ:ADBE) Stake Raised by Quest Partners LLC

Quest Partners LLC raised its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 322.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,482 shares of the software company's stock after purchasing an additional 1,894 shares during the period. Quest Partners LLC's holdings in Adobe were worth $1,285,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Piscataqua Savings Bank increased its stake in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company's stock valued at $25,000 after acquiring an additional 34 shares during the last quarter. Summit Securities Group LLC purchased a new stake in shares of Adobe during the 2nd quarter valued at $33,000. Highline Wealth Partners LLC acquired a new stake in shares of Adobe during the 3rd quarter worth $38,000. Lynx Investment Advisory purchased a new position in shares of Adobe in the 2nd quarter worth $39,000. Finally, Hobbs Group Advisors LLC purchased a new stake in Adobe during the second quarter valued at about $39,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Shantanu Narayen sold 25,000 shares of the firm's stock in a transaction 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 transaction, the chief executive officer now directly owns 357,700 shares of the company's stock, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,187 shares of company stock worth $17,736,369. Insiders own 0.15% of the company's stock.

Adobe Stock Performance

ADBE traded down $0.11 on Wednesday, hitting $499.50. 1,873,310 shares of the company's stock were exchanged, compared to its average volume of 3,156,954. 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 stock has a fifty day moving average of $506.89 and a two-hundred day moving average of $518.95. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The firm has a market cap of $219.88 billion, a PE ratio of 42.20, a P/E/G ratio of 2.59 and a beta of 1.30.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $5.37 billion. During the same quarter last year, the business posted $3.26 EPS. The business's revenue was up 10.6% on a year-over-year basis. On average, research analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of recent research reports. Royal Bank of Canada reaffirmed an "outperform" rating and set a $610.00 price target on shares of Adobe in a research report on Tuesday, October 15th. UBS Group lowered their price target on Adobe from $560.00 to $550.00 and set a "neutral" rating for the company in a report on Friday, September 13th. Stifel Nicolaus increased their target price on Adobe from $600.00 to $650.00 and gave the company a "buy" rating in a research note on Friday, September 6th. Argus raised shares of Adobe to a "strong-buy" rating in a research report on Monday, September 16th. Finally, Bank of America restated a "buy" rating and issued a $640.00 target price on shares of Adobe in a research note on Friday, September 13th. Two investment 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 company's stock. According to MarketBeat, Adobe currently has a consensus rating of "Moderate Buy" and an average price target of $606.40.

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.