Old Port Advisors Has $294,000 Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Old Port Advisors lessened its holdings in Adobe Inc. (NASDAQ:ADBEGet Rating) by 7.0% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 642 shares of the software company’s stock after selling 48 shares during the quarter. Old Port Advisors’ holdings in Adobe were worth $294,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. New World Advisors LLC acquired a new stake in shares of Adobe during the 3rd quarter valued at $568,000. MFA Wealth Advisors LLC acquired a new stake in shares of Adobe during the 3rd quarter valued at $77,000. Two Sigma Advisers LP acquired a new stake in shares of Adobe during the 3rd quarter valued at $4,894,000. Cetera Advisor Networks LLC boosted its holdings in shares of Adobe by 15.6% during the 3rd quarter. Cetera Advisor Networks LLC now owns 15,680 shares of the software company’s stock valued at $9,027,000 after acquiring an additional 2,120 shares in the last quarter. Finally, Headinvest LLC boosted its holdings in shares of Adobe by 2.1% during the 3rd quarter. Headinvest LLC now owns 1,443 shares of the software company’s stock valued at $831,000 after acquiring an additional 29 shares in the last quarter. 82.54% of the stock is currently owned by hedge funds and other institutional investors.

In other Adobe news, Director John E. Warnock sold 5,000 shares of Adobe stock in a transaction dated Tuesday, April 26th. The stock was sold at an average price of $404.30, for a total transaction of $2,021,500.00. Following the completion of the transaction, the director now owns 405,165 shares in the company, valued at approximately $163,808,209.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 2,710 shares of the business’s stock in a transaction that occurred on Monday, April 25th. The stock was sold at an average price of $410.18, for a total value of $1,111,587.80. Following the completion of the transaction, the executive vice president now owns 27,917 shares in the company, valued at approximately $11,450,995.06. The disclosure for this sale can be found here. Insiders have sold a total of 11,075 shares of company stock valued at $4,596,246 in the last quarter. Company insiders own 0.23% of the company’s stock.

Several research firms recently weighed in on ADBE. Credit Suisse Group cut their price objective on Adobe from $525.00 to $425.00 and set a “neutral” rating on the stock in a report on Friday, June 17th. Evercore ISI cut their price objective on Adobe from $650.00 to $475.00 and set an “outperform” rating on the stock in a report on Friday, June 17th. Royal Bank of Canada lowered their target price on Adobe from $600.00 to $500.00 and set an “outperform” rating for the company in a research report on Tuesday, June 14th. Oppenheimer lowered their target price on Adobe from $560.00 to $400.00 and set an “outperform” rating for the company in a research report on Friday, June 17th. Finally, JPMorgan Chase & Co. lowered their target price on Adobe from $645.00 to $540.00 in a research report on Wednesday, March 23rd. Seven equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $489.31.

Shares of Adobe stock opened at $365.33 on Thursday. Adobe Inc. has a one year low of $338.00 and a one year high of $699.54. The firm has a market capitalization of $172.62 billion, a price-to-earnings ratio of 35.68, a PEG ratio of 1.98 and a beta of 1.08. The business has a 50-day simple moving average of $403.52 and a 200 day simple moving average of $467.67. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.07 and a quick ratio of 1.04.

Adobe (NASDAQ:ADBEGet Rating) last issued its earnings results on Thursday, June 16th. The software company reported $3.35 EPS for the quarter, beating analysts’ consensus estimates of $3.31 by $0.04. Adobe had a return on equity of 36.70% and a net margin of 29.29%. During the same period last year, the business posted $2.56 earnings per share. On average, sell-side analysts expect that Adobe Inc. will post 10.98 EPS for the current year.

About Adobe (Get Rating)

Adobe Inc 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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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