Keudell Morrison Wealth Management Has $1.38 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Keudell Morrison Wealth Management increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 4.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,661 shares of the software company’s stock after acquiring an additional 120 shares during the period. Keudell Morrison Wealth Management’s holdings in Adobe were worth $1,378,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in ADBE. Onyx Bridge Wealth Group LLC lifted its position in Adobe by 3.9% during the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after acquiring an additional 19 shares during the period. HTLF Bank lifted its position in Adobe by 3.3% during the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after acquiring an additional 19 shares during the period. Commonwealth Financial Services LLC lifted its position in Adobe by 3.7% during the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock valued at $309,000 after acquiring an additional 19 shares during the period. Orrstown Financial Services Inc. lifted its position in Adobe by 0.9% during the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock valued at $1,257,000 after acquiring an additional 20 shares during the period. Finally, Orser Capital Management LLC lifted its position in Adobe by 0.3% during the 2nd quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock valued at $3,815,000 after acquiring an additional 20 shares during the period. 81.79% of the stock is owned by institutional investors.

Adobe Stock Down 0.8 %

Shares of NASDAQ:ADBE traded down $4.13 during trading on Thursday, reaching $500.70. The stock had a trading volume of 325,328 shares, compared to its average volume of 3,149,100. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The company has a market capitalization of $220.41 billion, a P/E ratio of 42.64, a PEG ratio of 2.49 and a beta of 1.30. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm’s 50-day simple moving average is $517.87 and its 200 day simple moving average is $516.33.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results 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 business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period last year, the business earned $3.26 EPS. The company’s revenue was up 10.6% compared to the same quarter last year. As a group, research analysts expect that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have issued reports on ADBE. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Bank of America reaffirmed a “buy” rating and issued a $640.00 target price on shares of Adobe in a report on Friday, September 13th. Stifel Nicolaus lifted their target price on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Barclays lifted their target price on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Finally, Citigroup lifted their target price on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Two research 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, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Activity at Adobe

In related news, CAO Jillian Forusz sold 676 shares of the stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Adobe news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, 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 transaction 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock valued at $17,736,369 in the last three months. 0.15% of the stock is 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.