Smith Group Asset Management LLC Raises Stock Position in Adobe Inc. (NASDAQ:ADBE)

Smith Group Asset Management LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.1% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 46,239 shares of the software company’s stock after buying an additional 945 shares during the period. Adobe accounts for approximately 2.0% of Smith Group Asset Management LLC’s holdings, making the stock its 22nd biggest position. Smith Group Asset Management LLC’s holdings in Adobe were worth $23,942,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Piscataqua Savings Bank boosted its holdings in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the last quarter. Tradewinds Capital Management LLC boosted its holdings in shares of Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares during the last quarter. Salomon & Ludwin LLC boosted its holdings in shares of Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares during the last quarter. Summit Securities Group LLC bought a new position in shares of Adobe during the 2nd quarter valued at about $33,000. Finally, Lynx Investment Advisory bought a new position in shares of Adobe during the 2nd quarter valued at about $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Adobe news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,511 shares of company stock worth $17,408,530 over the last three months. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of ADBE stock opened at $481.04 on Tuesday. The firm has a market cap of $213.29 billion, a price-to-earnings ratio of 43.22, a PEG ratio of 2.55 and a beta of 1.29. The company’s 50 day moving average is $528.39 and its 200 day moving average is $515.94. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. Adobe’s revenue was up 10.6% compared to the same quarter last year. During the same period last year, the company posted $3.26 earnings per share. On average, sell-side analysts anticipate that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Stifel Nicolaus increased their price objective on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Morgan Stanley reaffirmed an “overweight” rating and issued a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Sanford C. Bernstein lowered their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Finally, StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

About Adobe

Adobe Inc, together with its subsidiaries, 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.