RPG Investment Advisory LLC Buys 204 Shares of Adobe Inc. (NASDAQ:ADBE)

RPG Investment Advisory LLC increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 0.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 23,272 shares of the software company’s stock after buying an additional 204 shares during the period. Adobe accounts for 1.7% of RPG Investment Advisory LLC’s investment portfolio, making the stock its 24th biggest position. RPG Investment Advisory LLC’s holdings in Adobe were worth $12,050,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of ADBE. Missouri Trust & Investment Co raised its position in Adobe by 24.9% in the 3rd quarter. Missouri Trust & Investment Co now owns 2,550 shares of the software company’s stock worth $1,320,000 after purchasing an additional 509 shares during the period. Cumberland Partners Ltd boosted its stake in Adobe by 1.1% during the third quarter. Cumberland Partners Ltd now owns 2,748 shares of the software company’s stock worth $1,423,000 after acquiring an additional 30 shares in the last quarter. Hemenway Trust Co LLC boosted its stake in Adobe by 53.1% during the third quarter. Hemenway Trust Co LLC now owns 10,202 shares of the software company’s stock worth $5,282,000 after acquiring an additional 3,539 shares in the last quarter. Ashton Thomas Private Wealth LLC raised its holdings in Adobe by 5.5% in the third quarter. Ashton Thomas Private Wealth LLC now owns 10,605 shares of the software company’s stock worth $5,491,000 after buying an additional 557 shares during the last quarter. Finally, Platform Technology Partners raised its holdings in shares of Adobe by 22.9% during the third quarter. Platform Technology Partners now owns 634 shares of the software company’s stock valued at $328,000 after purchasing an additional 118 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on ADBE. Oppenheimer reiterated an “outperform” rating and issued a $625.00 price target on shares of Adobe in a research report on Friday, September 13th. Sanford C. Bernstein lowered their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Bank of America restated a “buy” rating and issued a $640.00 target price on shares of Adobe in a report on Friday, September 13th. Piper Sandler reiterated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a report on Friday, September 13th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a report on Tuesday, October 15th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Trading Up 4.3 %

Shares of ADBE opened at $526.42 on Wednesday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The firm has a 50-day moving average price of $513.50 and a 200 day moving average price of $517.22. The firm has a market capitalization of $231.73 billion, a P/E ratio of 44.46, a P/E/G ratio of 2.55 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. Adobe’s revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm posted $3.26 earnings per share. Sell-side analysts forecast that Adobe Inc. will post 14.82 EPS for the current year.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at $8,763,437.76. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction 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 completion of the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. 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 can be accessed through the SEC website. Also, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,187 shares of company stock worth $17,736,369. Insiders own 0.15% of the company’s stock.

Adobe Company 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.