Arkadios Wealth Advisors Buys 34 Shares of Adobe Inc. (NASDAQ:ADBE)

Arkadios Wealth Advisors raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 25.0% during the 3rd quarter, Holdings Channel.com reports. The fund owned 170 shares of the software company’s stock after acquiring an additional 34 shares during the period. Arkadios Wealth Advisors’ holdings in Adobe were worth $85,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ADBE. Evolution Wealth Advisors LLC bought a new position in Adobe during the second quarter valued at about $30,000. Harvest Group Wealth Management LLC purchased a new position in Adobe in the second quarter valued at about $30,000. Horan Capital Advisors LLC. bought a new position in shares of Adobe during the 3rd quarter valued at approximately $32,000. Rockbridge Investment Management LCC purchased a new stake in shares of Adobe during the 2nd quarter worth approximately $36,000. Finally, Newfound Research LLC bought a new stake in shares of Adobe in the 3rd quarter worth approximately $38,000. 75.66% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Adobe stock opened at $462.92 on Friday. The firm has a market capitalization of $222.07 billion, a PE ratio of 58.30, a price-to-earnings-growth ratio of 2.95 and a beta of 1.02. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.35. Adobe Inc. has a 12 month low of $255.13 and a 12 month high of $536.88. The business’s 50-day moving average price is $481.29 and its 200-day moving average price is $446.81.

Adobe (NASDAQ:ADBE) last issued its earnings results on Tuesday, September 15th. The software company reported $2.57 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.41 by $0.16. Adobe had a return on equity of 35.84% and a net margin of 31.05%. The business had revenue of $3.23 billion during the quarter, compared to analyst estimates of $3.16 billion. During the same quarter in the prior year, the firm earned $2.05 earnings per share. Adobe’s revenue for the quarter was up 14.0% on a year-over-year basis. As a group, analysts predict that Adobe Inc. will post 8.23 earnings per share for the current fiscal year.

ADBE has been the subject of a number of analyst reports. UBS Group raised their price target on Adobe from $540.00 to $577.00 and gave the stock a “buy” rating in a report on Wednesday, September 16th. JPMorgan Chase & Co. reaffirmed a “buy” rating and set a $550.00 target price (up previously from $430.00) on shares of Adobe in a report on Wednesday, September 16th. Stifel Nicolaus upped their price target on Adobe from $426.00 to $550.00 and gave the company a “buy” rating in a research report on Wednesday, September 16th. Cowen upgraded shares of Adobe from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $400.00 to $555.00 in a research report on Friday, September 11th. Finally, Barclays boosted their price objective on shares of Adobe from $530.00 to $600.00 and gave the company an “overweight” rating in a research note on Wednesday, September 16th. One research analyst has rated the stock with a sell rating, six have given a hold rating and twenty-three have given a buy rating to the company’s stock. Adobe has a consensus rating of “Buy” and a consensus target price of $504.86.

In other news, EVP Bryan Lamkin sold 13,095 shares of the business’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $477.15, for a total value of $6,248,279.25. Following the completion of the sale, the executive vice president now owns 84,774 shares of the company’s stock, valued at approximately $40,449,914.10. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Gloria Chen sold 484 shares of the stock in a transaction dated Thursday, October 8th. The shares were sold at an average price of $499.00, for a total value of $241,516.00. Following the sale, the executive vice president now owns 6,881 shares of the company’s stock, valued at $3,433,619. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 29,376 shares of company stock valued at $14,200,546. Company insiders own 0.31% of the company’s stock.

About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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