Freedom Investment Management Inc. Has $1.88 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Freedom Investment Management Inc. cut its position in Adobe Inc. (NASDAQ:ADBE) by 22.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,635 shares of the software company’s stock after selling 1,046 shares during the quarter. Freedom Investment Management Inc.’s holdings in Adobe were worth $1,882,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. International Assets Investment Management LLC lifted its stake in shares of Adobe by 66,909.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after buying an additional 1,376,333 shares during the last quarter. Longview Partners Guernsey LTD acquired a new position in shares of Adobe in the second quarter valued at approximately $663,745,000. FMR LLC boosted its stake in Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after purchasing an additional 787,356 shares during the period. Liberty Wealth Management LLC grew its holdings in Adobe by 55,496.6% in the 2nd quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock valued at $318,127,000 after buying an additional 571,615 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV increased its position in Adobe by 982.4% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 541,670 shares of the software company’s stock worth $300,919,000 after buying an additional 491,627 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have weighed in on ADBE. Argus upgraded shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Sanford C. Bernstein cut their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research note on Friday, September 13th. Citigroup boosted their price target on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Barclays boosted their price objective on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research note on Tuesday, October 15th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the sale, the executive vice president now owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This trade represents a 7.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. The trade was a 23.78 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,187 shares of company stock worth $17,736,369. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of ADBE opened at $513.68 on Thursday. The stock has a 50 day moving average of $503.39 and a 200 day moving average of $519.76. 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 company has a market capitalization of $226.12 billion, a price-to-earnings ratio of 43.39, a PEG ratio of 2.67 and a beta of 1.30. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last announced 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. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same period in the prior year, the company earned $3.26 earnings per share. Adobe’s revenue was up 10.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current year.

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.