Sigma Investment Counselors Inc. Raises Holdings in Adobe Inc. (NASDAQ:ADBE)

Sigma Investment Counselors Inc. lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 13.1% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 9,495 shares of the software company’s stock after acquiring an additional 1,097 shares during the quarter. Sigma Investment Counselors Inc.’s holdings in Adobe were worth $4,916,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Piscataqua Savings Bank lifted its position in shares of Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares in the last quarter. Tradewinds Capital Management LLC lifted its holdings in Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after purchasing an additional 40 shares in the last quarter. Salomon & Ludwin LLC boosted its stake in Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the period. Summit Securities Group LLC purchased a new position in Adobe during the 2nd quarter valued at about $33,000. Finally, Lynx Investment Advisory bought a new stake in shares of Adobe during the second quarter valued at about $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 0.2 %

NASDAQ ADBE opened at $483.72 on Friday. 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 Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The stock has a market cap of $214.48 billion, a P/E ratio of 43.46, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. The stock has a 50 day simple moving average of $530.03 and a two-hundred day simple moving average of $515.60.

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 the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.26 earnings per share. On average, analysts forecast that Adobe Inc. will post 14.8 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have recently commented on ADBE shares. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Piper Sandler Companies restated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research note on Friday, July 12th. Sanford C. Bernstein dropped their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have issued 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, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Insiders Place Their Bets

In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction dated 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 $10,740,738.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 33,030 shares of company stock worth $17,176,005. Company insiders own 0.15% of the company’s stock.

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.