Adobe Inc. (NASDAQ:ADBE) Shares Bought by Douglass Winthrop Advisors LLC

Douglass Winthrop Advisors LLC increased its position in Adobe Inc. (NASDAQ:ADBE) by 34.0% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,262 shares of the software company’s stock after acquiring an additional 574 shares during the period. Douglass Winthrop Advisors LLC’s holdings in Adobe were worth $1,171,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of ADBE. Onyx Bridge Wealth Group LLC raised its stake in shares of Adobe by 3.9% during the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after buying an additional 19 shares during the last quarter. HTLF Bank lifted its holdings in shares of Adobe by 3.3% in the second quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after purchasing an additional 19 shares in the last quarter. Commonwealth Financial Services LLC grew its position in shares of Adobe by 3.7% in the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock valued at $309,000 after purchasing an additional 19 shares during the last quarter. Orrstown Financial Services Inc. increased its stake in shares of Adobe by 0.9% during the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock worth $1,257,000 after purchasing an additional 20 shares in the last quarter. Finally, Orser Capital Management LLC raised its position in shares of Adobe by 0.3% during the 2nd quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock worth $3,815,000 after purchasing an additional 20 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on ADBE shares. Sanford C. Bernstein dropped their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. Argus upgraded shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Morgan Stanley reissued an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research note on Friday, September 13th. Citigroup lifted their target price on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Finally, UBS Group reduced their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Insider Transactions at Adobe

In other news, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction that occurred 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 sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction 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 directly owns 357,700 shares in the company, valued at $186,569,166. This 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. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Performance

NASDAQ:ADBE opened at $512.15 on Monday. The firm’s fifty day simple moving average is $503.13 and its 200 day simple moving average is $519.25. The company has a current ratio of 1.11, a quick 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 firm has a market capitalization of $225.45 billion, a price-to-earnings ratio of 43.26, a PEG ratio of 2.60 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company’s 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, equities research analysts expect that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Adobe Profile

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.