SevenBridge Financial Group LLC Purchases 259 Shares of Adobe Inc. (NASDAQ:ADBE)

SevenBridge Financial Group LLC boosted its position in Adobe Inc. (NASDAQ:ADBE) by 30.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,101 shares of the software company’s stock after acquiring an additional 259 shares during the period. SevenBridge Financial Group LLC’s holdings in Adobe were worth $555,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Piscataqua Savings Bank lifted its stake in shares of Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the period. MidAtlantic Capital Management Inc. acquired a new position in Adobe in the third quarter valued at about $30,000. Summit Securities Group LLC bought a new position in Adobe during the second quarter worth about $33,000. Briaud Financial Planning Inc acquired a new position in shares of Adobe during the 3rd quarter worth about $36,000. Finally, Highline Wealth Partners LLC bought a new stake in shares of Adobe in the 3rd quarter valued at about $38,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Up 1.5 %

Shares of ADBE stock opened at $512.15 on Friday. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The stock has a market cap of $225.45 billion, a price-to-earnings ratio of 43.26, a PEG ratio of 2.60 and a beta of 1.30. The firm’s 50-day moving average is $503.13 and its 200-day moving average is $519.03. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the prior year, the company earned $3.26 earnings per share. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. Sell-side analysts predict that Adobe Inc. will post 14.82 EPS for the current year.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 18,831 shares in the company, valued at $9,675,744.42. This trade represents a 7.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock valued at $17,736,369 over the last ninety days. 0.15% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on ADBE shares. Oppenheimer restated an “outperform” rating and set a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. UBS Group lowered their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Argus upgraded Adobe to a “strong-buy” rating in a report on Monday, September 16th. Bank of America restated a “buy” rating and issued a $640.00 price target on shares of Adobe in a report on Friday, September 13th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, 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.