Cassaday & Co Wealth Management LLC Grows Stake in Adobe Inc. (NASDAQ:ADBE)

Cassaday & Co Wealth Management LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,311 shares of the software company’s stock after purchasing an additional 62 shares during the quarter. Cassaday & Co Wealth Management LLC’s holdings in Adobe were worth $1,197,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Piscataqua Savings Bank boosted its stake in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares during the last quarter. Summit Securities Group LLC bought a new position in Adobe during the second quarter valued at approximately $33,000. Highline Wealth Partners LLC bought a new position in Adobe during the third quarter valued at approximately $38,000. Lynx Investment Advisory bought a new position in Adobe during the second quarter valued at approximately $39,000. Finally, Hobbs Group Advisors LLC bought a new position in Adobe during the second quarter valued at approximately $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity

In other news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction on 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 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 23.78 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction 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 completion of the transaction, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. This represents a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is currently owned by company insiders.

Adobe Trading Down 5.0 %

ADBE opened at $503.37 on Monday. The stock’s fifty day moving average is $509.79 and its two-hundred day moving average is $518.69. The company has a market capitalization of $221.58 billion, a P/E ratio of 42.51, a PEG ratio of 2.59 and a beta of 1.30. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data 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 return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period last year, the business posted $3.26 EPS. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. Analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Bank of America reissued a “buy” rating and set a $640.00 price target on shares of Adobe in a research note on Friday, September 13th. Argus raised Adobe to a “strong-buy” rating in a research note on Monday, September 16th. UBS Group lowered their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note 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 note on Friday, September 6th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 price objective 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 assigned a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

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.