Camden National Bank Sells 338 Shares of Adobe Inc. (NASDAQ:ADBE)

Camden National Bank decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.4% during the third quarter, HoldingsChannel reports. The institutional investor owned 24,470 shares of the software company’s stock after selling 338 shares during the period. Adobe accounts for 1.8% of Camden National Bank’s portfolio, making the stock its 18th largest position. Camden National Bank’s holdings in Adobe were worth $12,670,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its holdings in shares of Adobe by 0.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,716,451 shares of the software company’s stock valued at $1,406,524,000 after purchasing an additional 21,444 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Adobe by 0.6% in the second quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock valued at $1,097,475,000 after purchasing an additional 12,065 shares during the period. Clearbridge Investments LLC boosted its holdings in shares of Adobe by 0.8% in the second quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock valued at $1,097,044,000 after purchasing an additional 15,685 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Adobe by 12.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,702,535 shares of the software company’s stock valued at $945,780,000 after purchasing an additional 185,737 shares during the period. Finally, International Assets Investment Management LLC boosted its holdings in shares of Adobe by 66,909.7% in the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after purchasing an additional 1,376,333 shares during the period. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

NASDAQ ADBE opened at $512.15 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The stock’s fifty day moving average price is $503.13 and its 200 day moving average price is $518.84. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a market cap of $225.45 billion, a price-to-earnings ratio of 43.26, a PEG ratio of 2.57 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its earnings results 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. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the prior year, the firm earned $3.26 EPS. The firm’s revenue was up 10.6% on a year-over-year basis. As a group, equities research analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current year.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This trade represents a 23.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Jillian Forusz sold 676 shares of the stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. This 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. Company insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ADBE. UBS Group lowered their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Sanford C. Bernstein lowered their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Argus upgraded Adobe to a “strong-buy” rating in a report on Monday, September 16th. Citigroup upped 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, JMP Securities restated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Company 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.