Adobe Inc. (NASDAQ:ADBE) Shares Sold by Lathrop Investment Management Corp

Lathrop Investment Management Corp lessened its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.7% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 26,988 shares of the software company’s stock after selling 465 shares during the quarter. Adobe accounts for 2.6% of Lathrop Investment Management Corp’s portfolio, making the stock its 17th largest position. Lathrop Investment Management Corp’s holdings in Adobe were worth $13,974,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Piscataqua Savings Bank increased its holdings in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new position in Adobe in the 3rd quarter valued at $30,000. Summit Securities Group LLC acquired a new stake in shares of Adobe in the second quarter valued at about $33,000. Lynx Investment Advisory acquired a new position in Adobe during the second quarter worth about $39,000. Finally, Briaud Financial Planning Inc acquired a new position in shares of Adobe during the 3rd quarter worth approximately $36,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other Adobe news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Daniel Durn sold 6,500 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. This represents a 23.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock valued at $17,736,369 in the last 90 days. 0.15% of the stock is currently owned by insiders.

Adobe Trading Up 1.0 %

Shares of ADBE opened at $504.47 on Friday. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $222.07 billion, a P/E ratio of 42.61, a PEG ratio of 2.57 and a beta of 1.30. The firm’s 50-day moving average is $503.63 and its two-hundred day moving average is $518.71.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the business posted $3.26 EPS. On average, research analysts predict that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ADBE shares. Royal Bank of Canada reissued an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research note on Tuesday, October 15th. Bank of America reissued a “buy” rating and set a $640.00 target price on shares of Adobe in a research note on Friday, September 13th. Citigroup increased their price target on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Sanford C. Bernstein reduced their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. Finally, Barclays increased their price objective on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average price target of $606.40.

About Adobe

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.