Beese Fulmer Investment Management Inc. Grows Stock Position in Adobe Inc. (NASDAQ:ADBE)

Beese Fulmer Investment Management Inc. boosted its position in Adobe Inc. (NASDAQ:ADBE) by 1.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 20,021 shares of the software company’s stock after buying an additional 290 shares during the quarter. Beese Fulmer Investment Management Inc.’s holdings in Adobe were worth $10,366,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the company. Hennion & Walsh Asset Management Inc. increased its position in Adobe by 4.7% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 11,301 shares of the software company’s stock worth $5,851,000 after buying an additional 512 shares during the last quarter. Romano Brothers AND Company increased its position in Adobe by 10.8% in the third quarter. Romano Brothers AND Company now owns 1,385 shares of the software company’s stock worth $717,000 after buying an additional 135 shares during the last quarter. YHB Investment Advisors Inc. increased its position in Adobe by 25.8% in the third quarter. YHB Investment Advisors Inc. now owns 1,200 shares of the software company’s stock worth $621,000 after buying an additional 246 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Adobe by 66,909.7% in the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after acquiring an additional 1,376,333 shares during the period. Finally, Heartland Bank & Trust Co purchased a new position in shares of Adobe in the third quarter valued at $486,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on ADBE shares. Oppenheimer reiterated an “outperform” rating and issued a $625.00 price target on shares of Adobe in a research report on Friday, September 13th. Citigroup lifted their price target on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Piper Sandler Companies reiterated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research report on Friday, July 12th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Finally, UBS Group reduced their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Two 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.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Down 1.6 %

Shares of ADBE stock opened at $485.03 on Thursday. The stock’s 50-day simple moving average is $532.85 and its 200-day simple moving average is $515.83. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market capitalization of $215.06 billion, a PE ratio of 43.58, a P/E/G ratio of 2.55 and a beta of 1.29. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company’s revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the company earned $3.26 earnings per share. Equities analysts expect that Adobe Inc. will post 14.8 earnings per share for the current year.

Insider Transactions at Adobe

In other news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the transaction, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the transaction, the executive vice president now owns 18,831 shares in the company, valued at $9,675,744.42. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,030 shares of company stock worth $17,176,005 over the last quarter. 0.15% of the stock is currently owned by insiders.

About Adobe

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.