Red Door Wealth Management LLC lifted its position in Adobe Inc. (NASDAQ:ADBE) by 3.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,719 shares of the software company’s stock after acquiring an additional 53 shares during the quarter. Red Door Wealth Management LLC’s holdings in Adobe were worth $845,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Lloyd Advisory Services LLC. raised its holdings in Adobe by 256.5% in the first quarter. Lloyd Advisory Services LLC. now owns 82 shares of the software company’s stock worth $26,000 after purchasing an additional 59 shares in the last quarter. Evolution Wealth Advisors LLC bought a new position in Adobe in the second quarter worth about $30,000. Harvest Group Wealth Management LLC bought a new position in Adobe in the second quarter worth about $30,000. Cedar Mountain Advisors LLC raised its holdings in Adobe by 81.0% in the second quarter. Cedar Mountain Advisors LLC now owns 76 shares of the software company’s stock worth $33,000 after purchasing an additional 34 shares in the last quarter. Finally, Rockbridge Investment Management LCC bought a new position in Adobe in the second quarter worth about $36,000. Institutional investors and hedge funds own 84.03% of the company’s stock.
In related news, CFO John Francis Murphy sold 4,000 shares of the stock in a transaction on Monday, July 27th. The stock was sold at an average price of $434.94, for a total value of $1,739,760.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Bryan Lamkin sold 13,094 shares of the stock in a transaction on Friday, July 24th. The shares were sold at an average price of $427.66, for a total value of $5,599,780.04. The disclosure for this sale can be found here. Over the last three months, insiders sold 75,470 shares of company stock valued at $34,289,308. 0.31% of the stock is owned by corporate insiders.
Adobe (NASDAQ:ADBE) last announced its earnings results on Tuesday, September 15th. The software company reported $2.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.41 by $0.16. The business had revenue of $3.23 billion during the quarter, compared to the consensus estimate of $3.16 billion. Adobe had a return on equity of 35.84% and a net margin of 31.05%. The business’s quarterly revenue was up 14.0% on a year-over-year basis. During the same period in the prior year, the company posted $2.05 EPS. Equities research analysts predict that Adobe Inc. will post 8.2 earnings per share for the current fiscal year.
ADBE has been the topic of a number of research analyst reports. Piper Sandler boosted their price target on Adobe from $430.00 to $570.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 16th. Wells Fargo & Company boosted their price target on Adobe from $375.00 to $500.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 16th. Morgan Stanley boosted their price target on Adobe from $450.00 to $560.00 and gave the stock an “overweight” rating in a research note on Monday, September 14th. UBS Group boosted their price target on Adobe from $540.00 to $577.00 and gave the stock a “buy” rating in a research note on Wednesday, September 16th. Finally, Credit Suisse Group set a $560.00 price target on Adobe and gave the stock an “outperform” rating in a research note on Wednesday, September 16th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty-four have given a buy rating to the company. Adobe presently has a consensus rating of “Buy” and an average price target of $507.10.
Adobe Company Profile
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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