Lake Street Advisors Group LLC Acquires 131 Shares of Adobe Inc. (NASDAQ:ADBE)

Lake Street Advisors Group LLC boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 3.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,373 shares of the software company’s stock after purchasing an additional 131 shares during the period. Lake Street Advisors Group LLC’s holdings in Adobe were worth $2,264,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cypress Wealth Services LLC lifted its stake in shares of Adobe by 40.1% in the 1st quarter. Cypress Wealth Services LLC now owns 479 shares of the software company’s stock valued at $242,000 after acquiring an additional 137 shares during the last quarter. Register Financial Advisors LLC bought a new position in shares of Adobe in the 1st quarter valued at $111,000. Cambridge Advisors Inc. acquired a new stake in Adobe in the first quarter valued at $202,000. Kathmere Capital Management LLC increased its holdings in Adobe by 1.9% in the first quarter. Kathmere Capital Management LLC now owns 3,073 shares of the software company’s stock valued at $1,551,000 after purchasing an additional 58 shares during the period. Finally, Astoria Portfolio Advisors LLC. increased its holdings in Adobe by 4.1% in the first quarter. Astoria Portfolio Advisors LLC. now owns 888 shares of the software company’s stock valued at $417,000 after purchasing an additional 35 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe 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 sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction that occurred on Tuesday, September 17th. The shares were 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 of the company’s stock, valued at approximately $10,740,738.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 33,030 shares of company stock valued at $17,176,005 in the last 90 days. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ADBE. Piper Sandler restated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, September 13th. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Bank of America reiterated a “buy” rating and set a $640.00 price target on shares of Adobe in a report on Friday, September 13th. Finally, Oppenheimer reiterated an “outperform” rating and set a $625.00 price target on shares of Adobe in a report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Performance

Shares of Adobe stock traded up $4.64 during mid-day trading on Friday, hitting $487.51. 489,050 shares of the stock were exchanged, compared to its average volume of 3,181,057. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a 50-day simple moving average of $532.85 and a 200 day simple moving average of $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 company has a market capitalization of $216.16 billion, a P/E ratio of 43.38, a P/E/G ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping 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 analysts’ expectations of $5.37 billion. During the same quarter last year, the firm earned $3.26 EPS. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. Sell-side analysts anticipate that Adobe Inc. will post 14.8 earnings per share 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.