Probity Advisors Inc. Buys 118 Shares of Adobe Inc. (NASDAQ:ADBE)

Probity Advisors Inc. increased its position in Adobe Inc. (NASDAQ:ADBE) by 9.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,381 shares of the software company’s stock after acquiring an additional 118 shares during the quarter. Probity Advisors Inc.’s holdings in Adobe were worth $715,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Piscataqua Savings Bank raised its holdings in shares of Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares in the last quarter. Tradewinds Capital Management LLC raised its stake in Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares in the last quarter. Salomon & Ludwin LLC lifted its position in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares during the last quarter. Summit Securities Group LLC purchased a new position in Adobe in the 2nd quarter worth approximately $33,000. Finally, Lynx Investment Advisory bought a new position in shares of Adobe in the 2nd quarter worth $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 0.6 %

NASDAQ ADBE opened at $505.50 on Thursday. 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 Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The stock has a market cap of $224.14 billion, a P/E ratio of 45.15, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. The stock has a 50 day simple moving average of $536.95 and a two-hundred day simple moving average of $515.85.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion during 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 firm’s revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the firm posted $3.26 earnings per share. On average, analysts forecast that Adobe Inc. will post 14.8 earnings per share for the current year.

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 481 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the transaction, the executive vice president now owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the sale, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at $10,556,346. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,078 shares of company stock worth $16,700,246 over the last 90 days. 0.15% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Stifel Nicolaus lifted their price target on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. UBS Group reduced their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Morgan Stanley restated an “overweight” rating and issued a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 price target on shares of Adobe in a research report on Tuesday. 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 issued a strong buy rating to the stock. Based on data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Profile

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.