Taylor Hoffman Wealth Management boosted its stake in shares of Adobe Inc (NASDAQ:ADBE) by 5.7% in the third quarter, HoldingsChannel.com reports. The fund owned 10,138 shares of the software company’s stock after purchasing an additional 551 shares during the period. Adobe makes up about 2.0% of Taylor Hoffman Wealth Management’s investment portfolio, making the stock its 8th biggest position. Taylor Hoffman Wealth Management’s holdings in Adobe were worth $2,801,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. RDA Financial Network raised its position in Adobe by 9.4% during the second quarter. RDA Financial Network now owns 3,899 shares of the software company’s stock worth $1,181,000 after acquiring an additional 334 shares during the period. Cedar Capital LLC raised its position in Adobe by 43.9% during the second quarter. Cedar Capital LLC now owns 9,273 shares of the software company’s stock worth $2,732,000 after acquiring an additional 2,829 shares during the period. Ellington Management Group LLC raised its position in Adobe by 17.2% during the second quarter. Ellington Management Group LLC now owns 3,400 shares of the software company’s stock worth $1,002,000 after acquiring an additional 500 shares during the period. Cetera Advisors LLC raised its position in Adobe by 32.3% during the second quarter. Cetera Advisors LLC now owns 3,185 shares of the software company’s stock worth $940,000 after acquiring an additional 778 shares during the period. Finally, Cibc Bank USA raised its position in Adobe by 29.0% during the third quarter. Cibc Bank USA now owns 1,694 shares of the software company’s stock worth $468,000 after acquiring an additional 381 shares during the period. Institutional investors own 86.60% of the company’s stock.
A number of research firms have weighed in on ADBE. BidaskClub cut shares of Adobe from a “sell” rating to a “strong sell” rating in a research report on Saturday, October 19th. Wedbush reissued a “hold” rating and issued a $290.00 target price on shares of Adobe in a report on Wednesday, September 18th. Canaccord Genuity set a $320.00 target price on Adobe and gave the company a “buy” rating in a report on Wednesday, September 18th. BMO Capital Markets reduced their target price on Adobe from $310.00 to $300.00 and set an “outperform” rating for the company in a report on Monday, October 21st. Finally, Jefferies Financial Group raised their target price on Adobe from $340.00 to $350.00 in a report on Tuesday, November 5th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have given a buy rating to the stock. Adobe has a consensus rating of “Hold” and a consensus price target of $304.88.
Shares of NASDAQ:ADBE traded up $1.69 during midday trading on Friday, hitting $292.46. 1,628,400 shares of the stock were exchanged, compared to its average volume of 2,747,625. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.10. The stock has a market cap of $140.04 billion, a P/E ratio of 52.70, a PEG ratio of 2.79 and a beta of 1.09. Adobe Inc has a twelve month low of $204.95 and a twelve month high of $313.11. The company has a 50 day moving average price of $275.11 and a 200-day moving average price of $284.38.
Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Tuesday, September 17th. The software company reported $2.05 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.97 by $0.08. The business had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.82 billion. Adobe had a return on equity of 30.49% and a net margin of 26.10%. The business’s revenue was up 23.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.73 EPS. On average, equities research analysts expect that Adobe Inc will post 6.39 earnings per share for the current year.
In related news, CMO Ann Lewnes sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $274.34, for a total transaction of $823,020.00. Following the sale, the chief marketing officer now directly owns 52,398 shares of the company’s stock, valued at approximately $14,374,867.32. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last three months, insiders have sold 9,000 shares of company stock worth $2,500,110. Corporate insiders own 0.32% of the company’s stock.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, 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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