Cerity Partners LLC Purchases 26,669 Shares of Adobe Inc. (NASDAQ:ADBE)

Cerity Partners LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 9.6% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 305,508 shares of the software company’s stock after purchasing an additional 26,669 shares during the period. Cerity Partners LLC owned about 0.07% of Adobe worth $158,186,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Great Valley Advisor Group Inc. increased its stake in Adobe by 51.0% in the third quarter. Great Valley Advisor Group Inc. now owns 19,648 shares of the software company’s stock valued at $10,174,000 after acquiring an additional 6,638 shares during the period. Nicolet Advisory Services LLC grew its stake in shares of Adobe by 12.8% in the 3rd quarter. Nicolet Advisory Services LLC now owns 2,436 shares of the software company’s stock valued at $1,227,000 after purchasing an additional 276 shares during the period. GenTrust LLC acquired a new position in shares of Adobe in the 3rd quarter worth approximately $290,000. Stonebrook Private Inc. lifted its position in shares of Adobe by 8.3% during the 3rd quarter. Stonebrook Private Inc. now owns 931 shares of the software company’s stock worth $482,000 after buying an additional 71 shares during the period. Finally, Montrusco Bolton Investments Inc. boosted its stake in Adobe by 2.1% in the 3rd quarter. Montrusco Bolton Investments Inc. now owns 795,489 shares of the software company’s stock valued at $402,646,000 after buying an additional 16,325 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Up 1.5 %

Adobe stock opened at $512.15 on Friday. The firm has a market capitalization of $225.45 billion, a price-to-earnings ratio of 43.26, a PEG ratio of 2.57 and a beta of 1.30. The company’s 50 day simple moving average is $503.13 and its 200 day simple moving average is $518.84. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results 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. 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%. The firm’s revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.26 EPS. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.82 EPS for the current year.

Insider Activity

In other news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction 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 represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value 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 approximately $9,675,744.42. This represents a 7.51 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock worth $17,736,369 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on ADBE shares. Stifel Nicolaus lifted their price objective on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. Sanford C. Bernstein cut their price target 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 reaffirmed a “buy” rating and set a $640.00 price objective on shares of Adobe in a research note on Friday, September 13th. Argus upgraded shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Morgan Stanley restated an “overweight” rating and set a $660.00 price target 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 assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus 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.