Dakota Wealth Management boosted its holdings in shares of Adobe Inc (NASDAQ:ADBE) by 2.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,224 shares of the software company’s stock after buying an additional 217 shares during the period. Dakota Wealth Management’s holdings in Adobe were worth $2,490,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also bought and sold shares of the company. Nomura Asset Management Co. Ltd. increased its stake in shares of Adobe by 2.1% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 547,874 shares of the software company’s stock valued at $147,899,000 after acquiring an additional 11,046 shares during the last quarter. Edgestream Partners L.P. acquired a new position in shares of Adobe in the 3rd quarter valued at approximately $3,394,000. Folger Nolan Fleming Douglas Capital Management Inc. grew its position in shares of Adobe by 13.2% in the 3rd quarter. Folger Nolan Fleming Douglas Capital Management Inc. now owns 13,747 shares of the software company’s stock valued at $3,711,000 after purchasing an additional 1,600 shares during the period. Macguire Cheswick & Tuttle Investment Counsel LLC grew its position in shares of Adobe by 2.8% in the 3rd quarter. Macguire Cheswick & Tuttle Investment Counsel LLC now owns 8,510 shares of the software company’s stock valued at $2,297,000 after purchasing an additional 230 shares during the period. Finally, Allen Investment Management LLC grew its position in shares of Adobe by 28.7% in the 3rd quarter. Allen Investment Management LLC now owns 9,611 shares of the software company’s stock valued at $2,594,000 after purchasing an additional 2,142 shares during the period. Hedge funds and other institutional investors own 85.02% of the company’s stock.
In other news, EVP Bradley Rencher sold 12,000 shares of Adobe stock in a transaction dated Thursday, November 1st. The stock was sold at an average price of $245.30, for a total transaction of $2,943,600.00. Following the sale, the executive vice president now directly owns 68,071 shares of the company’s stock, valued at $16,697,816.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Ann Lewnes sold 2,910 shares of Adobe stock in a transaction dated Wednesday, October 17th. The shares were sold at an average price of $261.21, for a total value of $760,121.10. Following the sale, the executive vice president now directly owns 55,647 shares in the company, valued at $14,535,552.87. The disclosure for this sale can be found here. Insiders sold 20,806 shares of company stock worth $5,167,142 over the last ninety days. 0.33% of the stock is currently owned by insiders.
ADBE has been the subject of several research analyst reports. Barclays boosted their price objective on Adobe from $297.00 to $304.00 and gave the company an “overweight” rating in a research report on Tuesday, October 16th. Argus upped their price target on Adobe from $289.00 to $320.00 and gave the stock a “buy” rating in a research report on Monday, September 17th. Zacks Investment Research raised Adobe from a “hold” rating to a “buy” rating and set a $305.00 price target for the company in a research report on Thursday, October 4th. BidaskClub downgraded Adobe from a “strong-buy” rating to a “buy” rating in a research report on Saturday, September 22nd. Finally, Citigroup increased their price objective on Adobe from $260.00 to $309.00 and gave the company a “buy” rating in a report on Friday, September 14th. Eleven analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $271.00.
Shares of NASDAQ ADBE traded down $9.44 during mid-day trading on Wednesday, reaching $245.82. The company had a trading volume of 4,023,762 shares, compared to its average volume of 3,692,337. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.66 and a current ratio of 1.66. Adobe Inc has a one year low of $165.68 and a one year high of $277.61. The stock has a market capitalization of $122.47 billion, a P/E ratio of 68.47, a PEG ratio of 2.75 and a beta of 1.14.
Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 13th. The software company reported $1.73 EPS for the quarter, topping the Zacks’ consensus estimate of $1.69 by $0.04. Adobe had a return on equity of 29.51% and a net margin of 28.16%. The company had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.25 billion. During the same quarter last year, the business earned $1.10 earnings per share. Adobe’s revenue was up 24.4% on a year-over-year basis. Equities research analysts forecast that Adobe Inc will post 5.66 earnings per share for the current year.
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Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.
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