SlateStone Wealth LLC lowered its holdings in shares of Adobe Inc (NASDAQ:ADBE) by 1.9% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,307 shares of the software company’s stock after selling 125 shares during the quarter. SlateStone Wealth LLC’s holdings in Adobe were worth $1,742,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Marquette Asset Management LLC increased its position in shares of Adobe by 114.3% during the 2nd quarter. Marquette Asset Management LLC now owns 90 shares of the software company’s stock valued at $27,000 after purchasing an additional 48 shares during the last quarter. JNBA Financial Advisors grew its stake in shares of Adobe by 666.7% during the 2nd quarter. JNBA Financial Advisors now owns 92 shares of the software company’s stock valued at $27,000 after acquiring an additional 80 shares during the period. Manchester Financial Inc. bought a new position in shares of Adobe during the 2nd quarter valued at approximately $28,000. Ellis Investment Partners LLC bought a new position in shares of Adobe during the 2nd quarter valued at approximately $30,000. Finally, JJJ Advisors Inc. bought a new position in shares of Adobe during the 3rd quarter valued at approximately $28,000. 86.60% of the stock is owned by hedge funds and other institutional investors.
ADBE stock traded down $2.19 during midday trading on Monday, hitting $290.27. The company’s stock had a trading volume of 1,726,872 shares, compared to its average volume of 2,742,943. Adobe Inc has a 12 month low of $204.95 and a 12 month high of $313.11. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $140.04 billion, a price-to-earnings ratio of 52.30, a price-to-earnings-growth ratio of 2.79 and a beta of 1.09. The company has a 50 day moving average of $275.11 and a two-hundred day moving average of $284.38.
Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Tuesday, September 17th. The software company reported $2.05 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.97 by $0.08. Adobe had a return on equity of 30.49% and a net margin of 26.10%. The business had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.82 billion. During the same period in the prior year, the company posted $1.73 EPS. The firm’s revenue for the quarter was up 23.7% compared to the same quarter last year. On average, analysts anticipate that Adobe Inc will post 6.39 earnings per share for the current fiscal year.
A number of brokerages recently issued reports on ADBE. Citigroup boosted their price objective on Adobe from $313.00 to $321.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Royal Bank of Canada boosted their price objective on Adobe to $345.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Griffin Securities boosted their price objective on Adobe from $303.00 to $317.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Wells Fargo & Co boosted their price objective on Adobe from $275.00 to $285.00 and gave the company a “market perform” rating in a research note on Tuesday, November 5th. Finally, Canaccord Genuity set a $320.00 price objective on Adobe and gave the company a “buy” rating in a research note on Wednesday, September 18th. Two 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. The stock has a consensus rating of “Hold” and a consensus target price of $304.88.
In other Adobe news, CMO Ann Lewnes sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $269.71, for a total value of $809,130.00. Following the completion of the transaction, the chief marketing officer now directly owns 49,148 shares in the company, valued at approximately $13,255,707.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 9,000 shares of company stock valued at $2,500,110 over the last 90 days. 0.32% of the stock is currently owned by corporate insiders.
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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