Fifth Third Wealth Advisors LLC Has $5.42 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Fifth Third Wealth Advisors LLC increased its stake in Adobe Inc. (NASDAQ:ADBE) by 2.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,460 shares of the software company’s stock after purchasing an additional 207 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Adobe were worth $5,416,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BIP Wealth LLC lifted its position in shares of Adobe by 8.5% in the third quarter. BIP Wealth LLC now owns 1,211 shares of the software company’s stock worth $627,000 after purchasing an additional 95 shares in the last quarter. Prospera Financial Services Inc increased its position in shares of Adobe by 3.8% in the third quarter. Prospera Financial Services Inc now owns 25,273 shares of the software company’s stock valued at $13,086,000 after acquiring an additional 929 shares during the last quarter. Meeder Asset Management Inc. raised its holdings in Adobe by 31.3% during the third quarter. Meeder Asset Management Inc. now owns 256 shares of the software company’s stock worth $133,000 after acquiring an additional 61 shares in the last quarter. Chesapeake Wealth Management increased its position in shares of Adobe by 2.0% during the 3rd quarter. Chesapeake Wealth Management now owns 2,281 shares of the software company’s stock worth $1,181,000 after purchasing an additional 44 shares during the last quarter. Finally, Cantillon Capital Management LLC lifted its stake in Adobe by 18.2% in the third quarter. Cantillon Capital Management LLC now owns 519,627 shares of the software company’s stock valued at $269,052,000 after acquiring an additional 79,898 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

ADBE stock opened at $499.51 on Tuesday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The company’s fifty day simple moving average is $508.38 and its 200 day simple moving average is $518.85. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The firm has a market cap of $219.88 billion, a price-to-earnings ratio of 42.19, a PEG ratio of 2.59 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the prior year, the company earned $3.26 EPS. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, analysts expect that Adobe Inc. will post 14.82 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Oppenheimer reaffirmed an “outperform” rating and set a $625.00 price target on shares of Adobe in a report on Friday, September 13th. Stifel Nicolaus upped their price target on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Citigroup increased their target price on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Finally, Barclays lifted their price objective on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $606.40.

Insider Buying and Selling at Adobe

In other news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was 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 23.78 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is currently owned by company insiders.

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.