B&L Asset Management LLC Buys New Position in Adobe Inc. (NASDAQ:ADBE)

B&L Asset Management LLC purchased a new stake in Adobe Inc. (NASDAQ:ADBE) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,161 shares of the software company’s stock, valued at approximately $1,119,000.

A number of other institutional investors and hedge funds have also bought and sold shares of ADBE. Institutional & Family Asset Management LLC increased its stake in Adobe by 70.3% in the 2nd quarter. Institutional & Family Asset Management LLC now owns 252 shares of the software company’s stock valued at $140,000 after buying an additional 104 shares during the last quarter. HBW Advisory Services LLC grew its holdings in shares of Adobe by 37.2% in the second quarter. HBW Advisory Services LLC now owns 844 shares of the software company’s stock valued at $469,000 after acquiring an additional 229 shares in the last quarter. Bank & Trust Co purchased a new stake in shares of Adobe during the second quarter valued at approximately $85,000. City State Bank lifted its holdings in Adobe by 84.5% during the second quarter. City State Bank now owns 819 shares of the software company’s stock worth $455,000 after acquiring an additional 375 shares during the period. Finally, Trust Co. of Toledo NA OH boosted its position in Adobe by 21.1% in the second quarter. Trust Co. of Toledo NA OH now owns 3,093 shares of the software company’s stock worth $1,718,000 after purchasing an additional 539 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Adobe news, CAO Jillian Forusz sold 676 shares of Adobe 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 sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the transaction, the executive vice president now 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 34,187 shares of company stock worth $17,736,369. Insiders own 0.15% of the company’s stock.

Adobe Stock Up 0.4 %

ADBE opened at $515.93 on Friday. The firm has a market capitalization of $227.11 billion, a P/E ratio of 43.58, a price-to-earnings-growth ratio of 2.65 and a beta of 1.30. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The company has a fifty day moving average price of $503.01 and a 200-day moving average price of $520.25. 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 (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping 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 business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the previous year, the business earned $3.26 earnings per share. The firm’s revenue was up 10.6% on a year-over-year basis. Equities research analysts expect that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on ADBE shares. Sanford C. Bernstein decreased their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research report on Tuesday, October 15th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Finally, Argus upgraded shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target 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.