Smith Salley Wealth Management Raises Stake in Adobe Inc. (NASDAQ:ADBE)

Smith Salley Wealth Management grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 5.6% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,529 shares of the software company’s stock after acquiring an additional 347 shares during the quarter. Smith Salley Wealth Management’s holdings in Adobe were worth $3,381,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in ADBE. International Assets Investment Management LLC increased its stake in Adobe by 66,909.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after purchasing an additional 1,376,333 shares during the period. Swedbank AB bought a new position in shares of Adobe during the first quarter valued at about $621,179,000. Longview Partners Guernsey LTD purchased a new stake in shares of Adobe during the second quarter worth about $663,745,000. Price T Rowe Associates Inc. MD grew its stake in shares of Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after purchasing an additional 1,146,718 shares during the last quarter. Finally, BlueSpruce Investments LP increased its holdings in Adobe by 81.1% during the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after purchasing an additional 575,675 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Piper Sandler Companies reissued an “overweight” rating and set a $635.00 target price on shares of Adobe in a research note on Friday, July 12th. Bank of America reissued a “buy” rating and set a $640.00 price objective on shares of Adobe in a research report on Friday, September 13th. Piper Sandler restated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, September 13th. Stifel Nicolaus raised their price objective on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 target price on shares of Adobe 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 given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Price Performance

ADBE opened at $483.72 on Friday. The company’s 50-day simple moving average is $530.03 and its two-hundred day simple moving average is $515.76. 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 stock has a market capitalization of $214.48 billion, a P/E ratio of 43.46, a P/E/G ratio of 2.55 and a beta of 1.29. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last issued 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. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the prior year, the firm earned $3.26 earnings per share. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, analysts predict that Adobe Inc. will post 14.8 EPS for the current year.

Insider Activity

In related news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction 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 completion of the sale, the executive vice president now owns 18,831 shares of the company’s stock, valued at $9,675,744.42. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Adobe news, CFO Daniel Durn sold 6,500 shares of the 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 transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the sale, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. The trade was 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 valued at $17,176,005 in the last ninety days. 0.15% of the stock is currently owned by company insiders.

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.