Raymond James Trust N.A. Increases Holdings in Adobe Inc. (NASDAQ:ADBE)

Raymond James Trust N.A. increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 0.5% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 25,260 shares of the software company’s stock after acquiring an additional 127 shares during the quarter. Raymond James Trust N.A.’s holdings in Adobe were worth $13,079,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD lifted its position in 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 buying an additional 1,146,718 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Adobe by 0.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,716,451 shares of the software company’s stock valued at $1,406,524,000 after purchasing an additional 21,444 shares during the period. Principal Financial Group Inc. raised its position in Adobe by 0.6% in the second quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock valued at $1,097,475,000 after purchasing an additional 12,065 shares during the period. Clearbridge Investments LLC raised its position in Adobe by 0.8% in the second quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock valued at $1,097,044,000 after purchasing an additional 15,685 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in Adobe by 12.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,702,535 shares of the software company’s stock valued at $945,780,000 after purchasing an additional 185,737 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 1.0 %

Shares of NASDAQ ADBE opened at $504.47 on Friday. The company has a market capitalization of $222.07 billion, a price-to-earnings ratio of 42.61, a price-to-earnings-growth ratio of 2.57 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The business has a 50-day moving average of $503.63 and a two-hundred day moving average of $518.71. Adobe Inc. has a 1 year low of $433.97 and a 1 year 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, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the previous year, the business earned $3.26 EPS. Adobe’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Insider Activity

In other Adobe news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This represents a 2.58 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 34,187 shares of company stock valued at $17,736,369. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of research analyst reports. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Royal Bank of Canada restated an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research report on Tuesday, October 15th. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. UBS Group dropped their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Finally, Bank of America reaffirmed a “buy” rating and issued a $640.00 price objective on shares of Adobe in a research note on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus 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.