Adobe Inc. (NASDAQ:ADBE) Stock Position Lifted by D.A. Davidson & CO.

D.A. Davidson & CO. boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 2.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 44,549 shares of the software company’s stock after buying an additional 1,166 shares during the quarter. D.A. Davidson & CO.’s holdings in Adobe were worth $23,067,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Piscataqua Savings Bank boosted its position in Adobe by 226.7% during the third 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. MidAtlantic Capital Management Inc. bought a new stake in shares of Adobe in the 3rd quarter valued at approximately $30,000. Summit Securities Group LLC acquired a new position in Adobe in the second quarter worth approximately $33,000. Briaud Financial Planning Inc bought a new position in Adobe during the third quarter valued at approximately $36,000. Finally, Highline Wealth Partners LLC acquired a new stake in Adobe in the third quarter valued at approximately $38,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now 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 document filed with the SEC, which is available through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now 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. Insiders sold a total of 34,187 shares of company stock worth $17,736,369 over the last quarter. Company insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Sanford C. Bernstein dropped their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. Royal Bank of Canada restated an “outperform” rating and set a $610.00 target price on shares of Adobe in a report on Tuesday, October 15th. Bank of America reaffirmed a “buy” rating and issued a $640.00 price target on shares of Adobe in a research report on Friday, September 13th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Finally, Morgan Stanley restated an “overweight” rating and issued a $660.00 target price on shares of Adobe in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe Trading Up 1.3 %

Adobe stock opened at $518.73 on Tuesday. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The stock has a market cap of $228.34 billion, a price-to-earnings ratio of 43.81, a price-to-earnings-growth ratio of 2.64 and a beta of 1.30. The business has a 50 day moving average price of $503.08 and a two-hundred day moving average price of $519.50. 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 (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the prior year, the company posted $3.26 EPS. The business’s revenue was up 10.6% on a year-over-year basis. As a group, equities analysts forecast that Adobe Inc. will post 14.82 EPS for the current 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.