First Horizon Advisors Inc. Increases Position in Adobe Inc. (NASDAQ:ADBE)

First Horizon Advisors Inc. lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 6.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 42,977 shares of the software company’s stock after acquiring an additional 2,529 shares during the quarter. First Horizon Advisors Inc.’s holdings in Adobe were worth $22,253,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of ADBE. Bessemer Group Inc. increased its holdings in Adobe by 47.9% during the first quarter. Bessemer Group Inc. now owns 33,346 shares of the software company’s stock worth $16,827,000 after buying an additional 10,793 shares during the last quarter. Carlson Capital L P purchased a new stake in shares of Adobe during the 1st quarter worth approximately $5,626,000. EP Wealth Advisors LLC raised its holdings in shares of Adobe by 0.8% in the 1st quarter. EP Wealth Advisors LLC now owns 8,583 shares of the software company’s stock worth $4,331,000 after purchasing an additional 71 shares during the period. Axxcess Wealth Management LLC lifted its stake in Adobe by 4.6% in the first quarter. Axxcess Wealth Management LLC now owns 20,884 shares of the software company’s stock valued at $10,538,000 after purchasing an additional 910 shares during the last quarter. Finally, Advisors Asset Management Inc. grew its holdings in Adobe by 17.3% during the first quarter. Advisors Asset Management Inc. now owns 18,571 shares of the software company’s stock valued at $9,371,000 after purchasing an additional 2,734 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. This represents a 19.94 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. The trade was a 6.53 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, 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 several recent research reports. UBS Group dropped their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Barclays upped their price target on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Bank of America reiterated a “buy” rating and issued a $640.00 price objective on shares of Adobe in a research note on Friday, September 13th. Citigroup increased their target price on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Up 0.0 %

Shares of NASDAQ ADBE opened at $499.61 on Wednesday. The stock has a market capitalization of $219.93 billion, a P/E ratio of 42.20, a PEG ratio of 2.59 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. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The firm’s 50 day simple moving average is $506.89 and its two-hundred day simple moving average is $518.95.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm earned $3.26 EPS. As a group, analysts expect that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Adobe Company 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.