Ingalls & Snyder LLC Raises Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Ingalls & Snyder LLC grew its stake in Adobe Inc. (NASDAQ:ADBE) by 203.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,082 shares of the software company’s stock after purchasing an additional 16,153 shares during the period. Ingalls & Snyder LLC’s holdings in Adobe were worth $12,469,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of ADBE. Piscataqua Savings Bank increased its holdings in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the period. MidAtlantic Capital Management Inc. acquired a new position in shares of Adobe in the third quarter valued at approximately $30,000. True Wealth Design LLC increased its holdings in shares of Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 34 shares during the period. Summit Securities Group LLC acquired a new position in shares of Adobe in the second quarter valued at approximately $33,000. Finally, Briaud Financial Planning Inc acquired a new position in shares of Adobe in the third quarter valued at approximately $36,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Down 1.9 %

NASDAQ ADBE traded down $9.84 during trading hours on Tuesday, hitting $506.36. 209,364 shares of the company’s stock were exchanged, compared to its average volume of 3,117,054. The business’s 50 day moving average is $503.01 and its 200-day moving average is $520.50. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The firm has a market capitalization of $222.90 billion, a P/E ratio of 43.60, a price-to-earnings-growth ratio of 2.66 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11.

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 the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the business posted $3.26 earnings per share. As a group, analysts anticipate that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. This trade represents a 23.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock worth $17,736,369 over the last three months. 0.15% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on ADBE shares. Bank of America reissued a “buy” rating and issued a $640.00 target price on shares of Adobe in a report on Friday, September 13th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 price objective on shares of Adobe in a report on Tuesday, October 15th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Citigroup upped their price objective on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Finally, Stifel Nicolaus upped their price objective on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Adobe has an average 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.