Asset Dedication LLC Lowers Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Asset Dedication LLC lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 11.6% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,443 shares of the software company’s stock after selling 842 shares during the period. Asset Dedication LLC’s holdings in Adobe were worth $3,336,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Lynch & Associates IN increased its holdings in shares of Adobe by 9.0% during the third quarter. Lynch & Associates IN now owns 1,901 shares of the software company’s stock valued at $984,000 after acquiring an additional 157 shares in the last quarter. Petredis Investment Advisors LLC increased its stake in Adobe by 0.3% during the 3rd quarter. Petredis Investment Advisors LLC now owns 7,810 shares of the software company’s stock valued at $4,044,000 after purchasing an additional 24 shares in the last quarter. Magnus Financial Group LLC raised its holdings in Adobe by 9.2% in the 3rd quarter. Magnus Financial Group LLC now owns 928 shares of the software company’s stock worth $480,000 after acquiring an additional 78 shares during the last quarter. Dover Advisors LLC lifted its holdings in shares of Adobe by 7.3% during the third quarter. Dover Advisors LLC now owns 3,086 shares of the software company’s stock valued at $1,598,000 after purchasing an additional 211 shares in the last quarter. Finally, First Pacific Financial lifted its stake in Adobe by 2.4% during the 3rd quarter. First Pacific Financial now owns 2,479 shares of the software company’s stock valued at $1,284,000 after acquiring an additional 59 shares during the period. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 0.3 %

ADBE stock opened at $508.03 on Wednesday. The company has a market capitalization of $225.26 billion, a PE ratio of 45.65, a P/E/G ratio of 2.55 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The firm’s 50-day moving average is $537.17 and its 200 day moving average is $515.94.

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 business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the business earned $3.26 EPS. On average, research analysts anticipate that Adobe Inc. will post 14.8 EPS for the current year.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of research reports. Royal Bank of Canada reissued an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a report on Tuesday. Stifel Nicolaus lifted their target price on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Morgan Stanley reiterated an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research note on Friday, September 13th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Finally, Barclays boosted their price target on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the transaction, the executive vice president now directly owns 19,658 shares in the company, valued at $10,556,346. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,078 shares of company stock valued at $16,700,246. 0.15% of the stock is currently owned by corporate insiders.

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.