Triangle Securities Wealth Management Sells 78 Shares of Adobe Inc. (NASDAQ:ADBE)

Triangle Securities Wealth Management trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 5,073 shares of the software company’s stock after selling 78 shares during the quarter. Adobe comprises about 1.0% of Triangle Securities Wealth Management’s holdings, making the stock its 26th biggest holding. Triangle Securities Wealth Management’s holdings in Adobe were worth $2,921,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in ADBE. Baldrige Asset Management LLC purchased a new stake in Adobe during the 2nd quarter valued at about $26,000. Key Financial Inc purchased a new stake in Adobe during the 2nd quarter valued at about $29,000. Atlantic Trust LLC purchased a new stake in Adobe during the 2nd quarter valued at about $34,000. Edge Wealth Management LLC grew its position in Adobe by 53.3% during the 3rd quarter. Edge Wealth Management LLC now owns 92 shares of the software company’s stock valued at $53,000 after purchasing an additional 32 shares during the last quarter. Finally, Sound Income Strategies LLC grew its position in Adobe by 58.2% during the 2nd quarter. Sound Income Strategies LLC now owns 106 shares of the software company’s stock valued at $62,000 after purchasing an additional 39 shares during the last quarter. 81.72% of the stock is currently owned by institutional investors.

Shares of ADBE opened at $668.32 on Thursday. Adobe Inc. has a 52-week low of $420.78 and a 52-week high of $699.54. The company has a market capitalization of $318.39 billion, a PE ratio of 55.28, a price-to-earnings-growth ratio of 3.43 and a beta of 1.05. The stock has a fifty day simple moving average of $630.58 and a two-hundred day simple moving average of $602.04. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last issued its earnings results on Monday, September 20th. The software company reported $3.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.01 by $0.10. Adobe had a return on equity of 35.95% and a net margin of 38.67%. The business had revenue of $3.94 billion during the quarter, compared to the consensus estimate of $3.90 billion. During the same period last year, the company earned $2.12 EPS. The company’s revenue for the quarter was up 22.0% on a year-over-year basis. As a group, equities analysts anticipate that Adobe Inc. will post 10.52 earnings per share for the current fiscal year.

A number of analysts have recently issued reports on the stock. Wells Fargo & Company reaffirmed a “buy” rating and set a $770.00 price target on shares of Adobe in a report on Thursday, October 21st. Stifel Nicolaus raised their price target on shares of Adobe from $725.00 to $750.00 and gave the company a “buy” rating in a report on Wednesday, September 22nd. UBS Group raised their price target on shares of Adobe from $625.00 to $690.00 and gave the company a “buy” rating in a report on Wednesday, September 22nd. Credit Suisse Group assumed coverage on shares of Adobe in a report on Tuesday, November 16th. They set a “neutral” rating and a $700.00 price target on the stock. Finally, Cowen reaffirmed a “buy” rating and set a $700.00 price target on shares of Adobe in a report on Wednesday, September 22nd. Five analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $693.80.

In other news, EVP Gloria Chen sold 42 shares of the stock in a transaction on Wednesday, November 24th. The stock was sold at an average price of $654.73, for a total transaction of $27,498.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Shantanu Narayen sold 40,000 shares of the firm’s stock in a transaction dated Friday, September 24th. The shares were sold at an average price of $620.26, for a total value of $24,810,400.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 44,155 shares of company stock valued at $27,445,489. Company insiders own 0.23% of the company’s stock.

Adobe Company Profile

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Light room and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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