Smith Chas P & Associates PA Cpas Increases Holdings in Adobe Inc. (NASDAQ:ADBE)

Smith Chas P & Associates PA Cpas raised its stake in Adobe Inc. (NASDAQ:ADBE) by 2.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,300 shares of the software company’s stock after purchasing an additional 32 shares during the quarter. Smith Chas P & Associates PA Cpas’ holdings in Adobe were worth $673,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Wellington Management Group LLP increased its holdings in shares of Adobe by 1,213.5% in the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after acquiring an additional 1,870,307 shares during the last quarter. Swedbank AB bought a new position in shares of Adobe during the 1st quarter valued at about $621,179,000. Longview Partners Guernsey LTD bought a new position in shares of Adobe in the second quarter valued at $663,745,000. Price T Rowe Associates Inc. MD raised its position in shares of Adobe by 17.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after purchasing an additional 1,146,718 shares during the period. Finally, BlueSpruce Investments LP lifted its position in shares of Adobe by 81.1% in the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after acquiring an additional 575,675 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity

In other news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,579,186.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,229 shares of company stock worth $16,785,501. Company insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on ADBE. Morgan Stanley reiterated an “overweight” rating and set a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Sanford C. Bernstein lowered their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a report on Friday, September 13th. Argus raised Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Finally, Citigroup lifted their price objective on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Trading Down 1.6 %

Shares of NASDAQ ADBE opened at $495.42 on Monday. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market cap of $219.67 billion, a price-to-earnings ratio of 44.51, a PEG ratio of 2.55 and a beta of 1.29. The business’s 50 day moving average price is $537.29 and its 200-day moving average price is $515.88.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business’s revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm posted $3.26 earnings per share. On average, sell-side analysts expect that Adobe Inc. will post 14.8 earnings per share for the current year.

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.