SlateStone Wealth LLC Decreases Stock Holdings in Adobe Inc (NASDAQ:ADBE)

SlateStone Wealth LLC trimmed its position in Adobe Inc (NASDAQ:ADBE) by 1.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,307 shares of the software company’s stock after selling 125 shares during the quarter. SlateStone Wealth LLC’s holdings in Adobe were worth $1,742,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of ADBE. Park National Corp OH increased its stake in shares of Adobe by 19.2% in the second quarter. Park National Corp OH now owns 44,995 shares of the software company’s stock worth $13,258,000 after buying an additional 7,257 shares during the period. Private Trust Co. NA increased its stake in shares of Adobe by 12.5% in the second quarter. Private Trust Co. NA now owns 6,018 shares of the software company’s stock worth $1,773,000 after buying an additional 669 shares during the period. Private Asset Management Inc. increased its stake in shares of Adobe by 3.4% in the second quarter. Private Asset Management Inc. now owns 1,500 shares of the software company’s stock worth $442,000 after buying an additional 50 shares during the period. Dorsey Wright & Associates increased its stake in shares of Adobe by 0.5% in the second quarter. Dorsey Wright & Associates now owns 22,559 shares of the software company’s stock worth $6,647,000 after buying an additional 107 shares during the period. Finally, Fulton Bank N.A. increased its stake in shares of Adobe by 5.9% in the second quarter. Fulton Bank N.A. now owns 1,337 shares of the software company’s stock worth $394,000 after buying an additional 74 shares during the period. 86.60% of the stock is currently owned by institutional investors.

In other news, EVP Ann Lewnes sold 3,000 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $289.32, for a total transaction of $867,960.00. Following the sale, the executive vice president now owns 55,198 shares in the company, valued at approximately $15,969,885.36. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In the last 90 days, insiders have sold 9,000 shares of company stock worth $2,500,110. Company insiders own 0.32% of the company’s stock.

Several brokerages recently commented on ADBE. Canaccord Genuity set a $320.00 target price on shares of Adobe and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Stephens set a $327.00 target price on shares of Adobe and gave the stock a “buy” rating in a research note on Wednesday, September 18th. BMO Capital Markets decreased their target price on shares of Adobe from $310.00 to $300.00 and set an “outperform” rating on the stock in a research note on Monday, October 21st. Griffin Securities lifted their target price on shares of Adobe from $303.00 to $317.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Finally, Nomura decreased their target price on shares of Adobe from $315.00 to $310.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and thirteen have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $304.88.

NASDAQ:ADBE traded down $2.19 during trading hours on Monday, hitting $290.27. The company had a trading volume of 1,726,872 shares, compared to its average volume of 2,742,943. Adobe Inc has a 52 week low of $204.95 and a 52 week high of $313.11. The company has a market capitalization of $140.04 billion, a PE ratio of 52.30, a price-to-earnings-growth ratio of 2.79 and a beta of 1.09. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.74 and a quick ratio of 0.74. The stock has a 50-day moving average price of $275.11 and a 200 day moving average price of $284.38.

Adobe (NASDAQ:ADBE) last announced its earnings results on Tuesday, September 17th. The software company reported $2.05 EPS for the quarter, beating the Zacks’ consensus estimate of $1.97 by $0.08. Adobe had a net margin of 26.10% and a return on equity of 30.49%. The firm had revenue of $2.83 billion for the quarter, compared to analysts’ expectations of $2.82 billion. During the same quarter in the previous year, the business posted $1.73 EPS. The company’s quarterly revenue was up 23.7% on a year-over-year basis. Analysts anticipate that Adobe Inc will post 6.39 EPS for the current fiscal year.

Adobe Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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