Stokes Capital Advisors LLC reduced its position in Adobe Inc. (NASDAQ:ADBE) by 19.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 904 shares of the software company’s stock after selling 212 shares during the quarter. Stokes Capital Advisors LLC’s holdings in Adobe were worth $443,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. boosted its position in shares of Adobe by 4.5% during the second quarter. BlackRock Inc. now owns 38,069,522 shares of the software company’s stock worth $16,572,043,000 after acquiring an additional 1,623,749 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in Adobe by 3.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 8,672,342 shares of the software company’s stock valued at $3,775,156,000 after buying an additional 263,538 shares during the period. Fisher Asset Management LLC raised its holdings in Adobe by 4.1% in the 2nd quarter. Fisher Asset Management LLC now owns 5,344,469 shares of the software company’s stock valued at $2,326,501,000 after buying an additional 212,586 shares during the period. Capital Research Global Investors raised its holdings in Adobe by 3.5% in the 1st quarter. Capital Research Global Investors now owns 4,581,353 shares of the software company’s stock valued at $1,457,970,000 after buying an additional 154,604 shares during the period. Finally, Copper Rock Capital Partners LLC raised its holdings in Adobe by 6,598.7% in the 2nd quarter. Copper Rock Capital Partners LLC now owns 2,769,030 shares of the software company’s stock valued at $1,024,851,000 after buying an additional 2,727,693 shares during the period. Institutional investors and hedge funds own 84.03% of the company’s stock.
Several brokerages recently issued reports on ADBE. Jefferies Financial Group boosted their price objective on shares of Adobe from $570.00 to $600.00 and gave the company a “buy” rating in a report on Wednesday, September 16th. Sanford C. Bernstein restated a “buy” rating and issued a $562.00 price objective on shares of Adobe in a report on Wednesday, September 16th. Cowen upgraded shares of Adobe from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $400.00 to $555.00 in a report on Friday, September 11th. Morgan Stanley boosted their price objective on shares of Adobe from $450.00 to $560.00 and gave the company an “overweight” rating in a report on Monday, September 14th. Finally, JPMorgan Chase & Co. reiterated a “buy” rating and set a $550.00 price target (up from $430.00) on shares of Adobe in a research note on Wednesday, September 16th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty-four have assigned a buy rating to the company. Adobe currently has a consensus rating of “Buy” and a consensus price target of $507.10.
In other news, EVP Scott Belsky sold 600 shares of the stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $499.26, for a total value of $299,556.00. Following the completion of the sale, the executive vice president now directly owns 10,253 shares of the company’s stock, valued at $5,118,912.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Shantanu Narayen sold 10,000 shares of the stock in a transaction that occurred on Wednesday, July 22nd. The shares were sold at an average price of $445.00, for a total value of $4,450,000.00. The disclosure for this sale can be found here. Insiders sold 75,470 shares of company stock valued at $34,289,308 over the last ninety days. 0.31% of the stock is currently owned by corporate insiders.
Shares of ADBE opened at $502.82 on Friday. The stock has a 50 day moving average price of $490.24 and a 200 day moving average price of $420.66. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $241.21 billion, a price-to-earnings ratio of 63.33, a price-to-earnings-growth ratio of 3.89 and a beta of 0.97. Adobe Inc. has a 52-week low of $255.13 and a 52-week high of $536.88.
Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Tuesday, September 15th. The software company reported $2.57 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.41 by $0.16. The firm had revenue of $3.23 billion during the quarter, compared to the consensus estimate of $3.16 billion. Adobe had a return on equity of 35.84% and a net margin of 31.05%. The firm’s quarterly revenue was up 14.0% compared to the same quarter last year. During the same period in the prior year, the company posted $2.05 earnings per share. On average, equities analysts anticipate that Adobe Inc. will post 8.2 EPS for the current fiscal year.
Adobe Company Profile
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, 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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