Essex Financial Services Inc. increased its position in shares of Adobe Inc (NASDAQ:ADBE) by 26.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,321 shares of the software company’s stock after acquiring an additional 1,972 shares during the quarter. Essex Financial Services Inc.’s holdings in Adobe were worth $2,575,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. Nuveen Asset Management LLC increased its holdings in Adobe by 17,012.2% in the second quarter. Nuveen Asset Management LLC now owns 3,916,308 shares of the software company’s stock valued at $1,153,941,000 after purchasing an additional 3,893,422 shares during the last quarter. Invesco Ltd. increased its holdings in Adobe by 37.5% in the second quarter. Invesco Ltd. now owns 7,973,766 shares of the software company’s stock valued at $2,349,470,000 after purchasing an additional 2,174,047 shares during the last quarter. Fisher Asset Management LLC increased its holdings in Adobe by 31.3% in the third quarter. Fisher Asset Management LLC now owns 4,079,637 shares of the software company’s stock valued at $1,127,000,000 after purchasing an additional 972,817 shares during the last quarter. BlackRock Inc. increased its holdings in Adobe by 2.7% in the second quarter. BlackRock Inc. now owns 33,730,576 shares of the software company’s stock valued at $9,938,712,000 after purchasing an additional 887,115 shares during the last quarter. Finally, Morgan Stanley increased its holdings in Adobe by 13.2% in the second quarter. Morgan Stanley now owns 6,950,101 shares of the software company’s stock valued at $2,047,848,000 after purchasing an additional 812,144 shares during the last quarter. 86.60% of the stock is currently owned by institutional investors and hedge funds.
Shares of Adobe stock traded up $1.69 during trading hours on Friday, hitting $292.46. The company’s stock had a trading volume of 1,628,400 shares, compared to its average volume of 2,747,625. Adobe Inc has a 12 month low of $204.95 and a 12 month high of $313.11. The stock has a 50 day moving average of $274.89 and a 200 day moving average of $284.28. The company has a market capitalization of $140.04 billion, a PE ratio of 52.70, a price-to-earnings-growth ratio of 2.79 and a beta of 1.09. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.74 and a quick ratio of 0.74.
Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Tuesday, September 17th. The software company reported $2.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.97 by $0.08. The company 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%. The company’s revenue for the quarter was up 23.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.73 earnings per share. Equities analysts expect that Adobe Inc will post 6.39 EPS for the current year.
A number of equities research analysts recently commented on ADBE shares. Nomura dropped their price objective on Adobe from $315.00 to $310.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Jefferies Financial Group upped their price objective on Adobe from $340.00 to $350.00 in a report on Tuesday. Barclays dropped their price objective on Adobe from $330.00 to $325.00 and set an “overweight” rating for the company in a report on Monday, October 28th. Royal Bank of Canada upped their price objective on Adobe to $345.00 and gave the company an “outperform” rating in a report on Tuesday. Finally, Credit Suisse Group set a $325.00 price objective on Adobe and gave the company a “buy” rating in a report on Tuesday, September 17th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have given a buy rating to the company’s stock. Adobe currently has an average rating of “Hold” and an average price target of $304.88.
In related news, EVP Ann Lewnes sold 3,000 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $289.32, for a total transaction of $867,960.00. Following the completion of the transaction, the executive vice president now directly owns 55,198 shares in the company, valued at $15,969,885.36. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Over the last quarter, insiders have sold 9,000 shares of company stock valued at $2,500,110. 0.32% of the stock is owned by corporate insiders.
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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