Adobe Inc. (NASDAQ:ADBE) Shares Sold by Tower Bridge Advisors

Tower Bridge Advisors trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.4% in the third quarter, Holdings Channel reports. The firm owned 18,088 shares of the software company’s stock after selling 76 shares during the period. Tower Bridge Advisors’ holdings in Adobe were worth $9,366,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Accent Capital Management LLC boosted its stake in Adobe by 7.1% during the third quarter. Accent Capital Management LLC now owns 2,556 shares of the software company’s stock worth $1,323,000 after buying an additional 170 shares during the period. Sather Financial Group Inc lifted its holdings in shares of Adobe by 0.9% in the 3rd quarter. Sather Financial Group Inc now owns 105,298 shares of the software company’s stock worth $54,521,000 after acquiring an additional 889 shares during the last quarter. Sawgrass Asset Management LLC boosted its position in shares of Adobe by 58.3% during the 3rd quarter. Sawgrass Asset Management LLC now owns 29,721 shares of the software company’s stock worth $15,389,000 after purchasing an additional 10,947 shares during the period. Schear Investment Advisers LLC boosted its position in shares of Adobe by 13.2% during the 3rd quarter. Schear Investment Advisers LLC now owns 4,255 shares of the software company’s stock worth $2,203,000 after purchasing an additional 495 shares during the period. Finally, River Street Advisors LLC increased its holdings in Adobe by 1.8% in the 3rd quarter. River Street Advisors LLC now owns 1,409 shares of the software company’s stock valued at $730,000 after purchasing an additional 25 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Trading Down 5.0 %

NASDAQ:ADBE opened at $503.37 on Friday. The company has a market capitalization of $221.58 billion, a PE ratio of 42.51, a P/E/G ratio of 2.74 and a beta of 1.30. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The stock’s 50 day moving average price is $509.79 and its 200 day moving average price is $518.35. 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 earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping 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 business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period last year, the firm posted $3.26 earnings per share. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, research analysts anticipate that Adobe Inc. will post 14.82 EPS for the current year.

Insider Buying and Selling at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the transaction, the executive vice president now owns 18,831 shares in the company, valued at approximately $9,675,744.42. This trade represents a 7.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of research reports. Barclays upped their price target on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Royal Bank of Canada reissued an “outperform” rating and set a $610.00 target price on shares of Adobe in a research note on Tuesday, October 15th. 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. Argus upgraded shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Sanford C. Bernstein lowered their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research note on Friday, September 13th. 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 company has a consensus rating of “Moderate Buy” and an average 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.