Taylor Hoffman Wealth Management raised its stake in Adobe Inc (NASDAQ:ADBE) by 5.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,138 shares of the software company’s stock after buying an additional 551 shares during the period. Adobe comprises 2.0% of Taylor Hoffman Wealth Management’s holdings, making the stock its 8th biggest holding. Taylor Hoffman Wealth Management’s holdings in Adobe were worth $2,801,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors also recently added to or reduced their stakes in the business. RDA Financial Network lifted its stake in shares of Adobe by 9.4% during the 2nd quarter. RDA Financial Network now owns 3,899 shares of the software company’s stock worth $1,181,000 after purchasing an additional 334 shares during the period. Cedar Capital LLC grew its stake in shares of Adobe by 43.9% during the second quarter. Cedar Capital LLC now owns 9,273 shares of the software company’s stock valued at $2,732,000 after acquiring an additional 2,829 shares in the last quarter. Ellington Management Group LLC grew its stake in shares of Adobe by 17.2% during the second quarter. Ellington Management Group LLC now owns 3,400 shares of the software company’s stock valued at $1,002,000 after acquiring an additional 500 shares in the last quarter. Cetera Advisors LLC lifted its position in shares of Adobe by 32.3% during the second quarter. Cetera Advisors LLC now owns 3,185 shares of the software company’s stock worth $940,000 after purchasing an additional 778 shares during the last quarter. Finally, Cibc Bank USA lifted its position in shares of Adobe by 29.0% during the third quarter. Cibc Bank USA now owns 1,694 shares of the software company’s stock worth $468,000 after purchasing an additional 381 shares during the last quarter. 86.60% of the stock is owned by institutional investors.
ADBE has been the topic of several research analyst reports. Jefferies Financial Group increased their price target on shares of Adobe from $340.00 to $350.00 in a research report on Tuesday, November 5th. Citigroup increased their price target on shares of Adobe from $313.00 to $321.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. Cleveland Research initiated coverage on shares of Adobe in a research report on Tuesday, October 15th. They set a “neutral” rating and a $283.00 price target on the stock. Barclays reduced their price target on shares of Adobe from $330.00 to $325.00 and set an “overweight” rating on the stock in a research report on Monday, October 28th. Finally, Griffin Securities increased their price target on shares of Adobe from $303.00 to $317.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and thirteen have issued a buy rating to the company’s stock. Adobe currently has an average rating of “Hold” and a consensus target price of $304.88.
In related news, CMO Ann Lewnes sold 3,000 shares of the stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $269.71, for a total transaction of $809,130.00. Following the transaction, the chief marketing officer now owns 49,148 shares in the company, valued at $13,255,707.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last quarter, insiders sold 9,000 shares of company stock worth $2,500,110. Insiders own 0.32% of the company’s stock.
Adobe stock traded up $1.69 during midday trading on Friday, reaching $292.46. The stock had a trading volume of 1,628,400 shares, compared to its average volume of 2,747,625. The firm’s fifty day simple moving average is $275.11 and its two-hundred day simple moving average is $284.38. The firm has a market cap of $140.04 billion, a price-to-earnings ratio of 52.70, a PEG ratio of 2.79 and a beta of 1.09. Adobe Inc has a twelve month low of $204.95 and a twelve month 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.
Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Tuesday, September 17th. The software company reported $2.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.97 by $0.08. Adobe had a net margin of 26.10% and a return on equity of 30.49%. The company had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.82 billion. During the same quarter last year, the business posted $1.73 EPS. Adobe’s quarterly revenue was up 23.7% compared to the same quarter last year. As a group, sell-side analysts predict that Adobe Inc will post 6.39 EPS for the current fiscal year.
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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