British Airways Pensions Investment Management Ltd reduced its stake in Adobe Inc (NASDAQ:ADBE) by 37.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,462 shares of the software company’s stock after selling 16,421 shares during the quarter. British Airways Pensions Investment Management Ltd’s holdings in Adobe were worth $7,586,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Appleton Partners Inc. MA increased its stake in Adobe by 3.8% in the third quarter. Appleton Partners Inc. MA now owns 29,192 shares of the software company’s stock valued at $8,064,000 after purchasing an additional 1,070 shares during the last quarter. Roffman Miller Associates Inc. PA acquired a new position in Adobe in the third quarter valued at $278,000. Eastern Bank increased its stake in Adobe by 2.1% in the third quarter. Eastern Bank now owns 71,671 shares of the software company’s stock valued at $19,799,000 after purchasing an additional 1,484 shares during the last quarter. Bartlett & Co. LLC increased its stake in Adobe by 254.5% in the third quarter. Bartlett & Co. LLC now owns 1,783 shares of the software company’s stock valued at $493,000 after purchasing an additional 1,280 shares during the last quarter. Finally, Aubrey Capital Management Ltd increased its stake in Adobe by 7.7% in the third quarter. Aubrey Capital Management Ltd now owns 16,800 shares of the software company’s stock valued at $4,641,000 after purchasing an additional 1,200 shares during the last quarter. Institutional investors and hedge funds own 86.60% of the company’s stock.
ADBE traded up $0.39 on Friday, reaching $291.16. The company’s stock had a trading volume of 94,577 shares, compared to its average volume of 2,819,891. The stock has a market cap of $140.04 billion, a price-to-earnings ratio of 52.46, a price-to-earnings-growth ratio of 2.79 and a beta of 1.09. Adobe Inc has a 1 year low of $204.95 and a 1 year high of $313.11. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.74 and a quick ratio of 0.74. The business’s 50 day moving average is $274.89 and its 200 day moving average is $284.28.
Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Tuesday, September 17th. The software company reported $2.05 EPS for the quarter, beating analysts’ consensus estimates of $1.97 by $0.08. The firm had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.82 billion. Adobe had a return on equity of 30.49% and a net margin of 26.10%. Adobe’s revenue for the quarter was up 23.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.73 earnings per share. As a group, research analysts forecast that Adobe Inc will post 6.39 earnings per share for the current fiscal year.
In other Adobe news, EVP Ann Lewnes sold 3,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $289.32, for a total transaction of $867,960.00. Following the transaction, the executive vice president now owns 55,198 shares of the company’s stock, valued at approximately $15,969,885.36. The transaction was disclosed in a document filed with the SEC, which is available at this link. In the last ninety days, insiders have sold 9,000 shares of company stock worth $2,500,110. 0.32% of the stock is currently owned by company insiders.
ADBE has been the subject of several analyst reports. BMO Capital Markets dropped their target price on Adobe from $310.00 to $300.00 and set an “outperform” rating for the company in a research note on Monday, October 21st. Royal Bank of Canada upped their target price on Adobe to $345.00 and gave the company an “outperform” rating in a research note on Tuesday. Citigroup upped their target price on Adobe from $313.00 to $321.00 and gave the company a “neutral” rating in a research note on Tuesday. JPMorgan Chase & Co. upped their target price on Adobe from $318.00 to $322.00 and gave the company a “neutral” rating in a research note on Tuesday. Finally, Credit Suisse Group set a $325.00 target price on Adobe and gave the company a “buy” rating in a research note on Tuesday, September 17th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $304.88.
Adobe Company Profile
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 customer to download and access the latest versions of its creative products.
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