Canton Hathaway LLC raised its stake in Adobe Inc. (NASDAQ:ADBE) by 591.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 567 shares of the software company’s stock after acquiring an additional 485 shares during the quarter. Canton Hathaway LLC’s holdings in Adobe were worth $326,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in ADBE. Amundi bought a new position in Adobe in the 2nd quarter valued at about $1,343,473,000. 1832 Asset Management L.P. raised its holdings in Adobe by 1,842.5% in the 2nd quarter. 1832 Asset Management L.P. now owns 682,153 shares of the software company’s stock valued at $402,311,000 after acquiring an additional 647,036 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its holdings in Adobe by 1,528.4% in the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 478,595 shares of the software company’s stock valued at $280,284,000 after acquiring an additional 449,205 shares during the period. Macquarie Group Ltd. raised its holdings in Adobe by 129.1% in the 2nd quarter. Macquarie Group Ltd. now owns 774,682 shares of the software company’s stock valued at $453,685,000 after acquiring an additional 436,549 shares during the period. Finally, Mn Services Vermogensbeheer B.V. bought a new position in Adobe in the 2nd quarter valued at about $173,718,000. 81.72% of the stock is currently owned by hedge funds and other institutional investors.
Several research analysts have weighed in on the stock. Mizuho reissued a “buy” rating and issued a $695.00 price target (up from $640.00) on shares of Adobe in a report on Friday, September 17th. Citigroup raised their target price on shares of Adobe from $575.00 to $678.00 and gave the stock a “neutral” rating in a report on Wednesday, September 22nd. Stifel Nicolaus raised their target price on shares of Adobe from $725.00 to $750.00 and gave the stock a “buy” rating in a report on Wednesday, September 22nd. BMO Capital Markets raised their target price on shares of Adobe from $630.00 to $730.00 and gave the stock an “outperform” rating in a report on Thursday, September 16th. Finally, Guggenheim reaffirmed a “hold” rating on shares of Adobe in a report on Wednesday, September 22nd. Five equities research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. According to MarketBeat, Adobe currently has a consensus rating of “Buy” and a consensus target price of $693.80.
Adobe (NASDAQ:ADBE) last issued its earnings results on Monday, September 20th. The software company reported $3.11 earnings per share for the quarter, beating analysts’ consensus estimates of $3.01 by $0.10. Adobe had a net margin of 38.67% and a return on equity of 35.95%. The firm had revenue of $3.94 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same quarter last year, the business posted $2.12 earnings per share. The company’s quarterly revenue was up 22.0% on a year-over-year basis. Research analysts forecast that Adobe Inc. will post 10.52 EPS for the current year.
In other news, CEO Shantanu Narayen sold 40,000 shares of Adobe stock in a transaction on Friday, September 24th. The shares were sold at an average price of $620.26, for a total transaction of $24,810,400.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Gloria Chen sold 42 shares of Adobe stock in a transaction on Wednesday, November 24th. The stock was sold at an average price of $654.73, for a total transaction of $27,498.66. The disclosure for this sale can be found here. In the last quarter, insiders have sold 44,155 shares of company stock worth $27,445,489. 0.23% of the stock is owned by company insiders.
Adobe Company Profile
Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Light room and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.
Read More: Trading signals using Bollinger bands
Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc. (NASDAQ:ADBE).
Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.