Howe & Rusling Inc. Has $2.26 Million Position in Adobe Inc. (NASDAQ:ADBE)

Howe & Rusling Inc. lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 3.0% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 4,356 shares of the software company’s stock after buying an additional 125 shares during the period. Howe & Rusling Inc.’s holdings in Adobe were worth $2,255,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. Piscataqua Savings Bank grew its stake in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in shares of Adobe during the 3rd quarter worth approximately $30,000. Summit Securities Group LLC bought a new position in Adobe in the second quarter valued at approximately $33,000. Briaud Financial Planning Inc bought a new position in Adobe in the third quarter valued at approximately $36,000. Finally, Highline Wealth Partners LLC acquired a new position in Adobe during the third quarter valued at approximately $38,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ:ADBE opened at $499.61 on Wednesday. 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 twelve month low of $433.97 and a twelve month high of $638.25. The company has a fifty day moving average of $506.89 and a 200-day moving average of $518.95. The firm has a market capitalization of $219.93 billion, a P/E ratio of 42.20, a P/E/G ratio of 2.59 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. The firm 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%. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.26 earnings per share. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.82 EPS for the current year.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the sale, the executive vice president now owns 18,831 shares in the company, valued at approximately $9,675,744.42. The trade was a 7.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on ADBE shares. Stifel Nicolaus lifted their price target on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. UBS Group dropped their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Barclays upped their price objective on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Adobe 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.