Capital Investment Services of America Inc. trimmed its holdings in shares of Adobe Inc (NASDAQ:ADBE) by 0.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 75,781 shares of the software company’s stock after selling 46 shares during the quarter. Adobe comprises about 3.1% of Capital Investment Services of America Inc.’s investment portfolio, making the stock its 7th largest holding. Capital Investment Services of America Inc.’s holdings in Adobe were worth $20,935,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Adobe by 1.3% during the second quarter. Vanguard Group Inc. now owns 38,052,601 shares of the software company’s stock worth $11,212,199,000 after acquiring an additional 504,241 shares during the period. BlackRock Inc. increased its position in Adobe by 2.7% during the second quarter. BlackRock Inc. now owns 33,730,576 shares of the software company’s stock worth $9,938,712,000 after acquiring an additional 887,115 shares during the period. Janus Henderson Group PLC increased its holdings in Adobe by 0.8% in the 2nd quarter. Janus Henderson Group PLC now owns 8,017,961 shares of the software company’s stock valued at $2,362,476,000 after buying an additional 60,035 shares during the period. Invesco Ltd. increased its holdings in Adobe by 37.5% in the 2nd quarter. Invesco Ltd. now owns 7,973,766 shares of the software company’s stock valued at $2,349,470,000 after buying an additional 2,174,047 shares during the period. Finally, Morgan Stanley increased its holdings in Adobe by 13.2% in the 2nd quarter. Morgan Stanley now owns 6,950,101 shares of the software company’s stock valued at $2,047,848,000 after buying an additional 812,144 shares during the period. 86.27% of the stock is currently owned by institutional investors and hedge funds.
Shares of ADBE traded up $3.31 during mid-day trading on Friday, reaching $278.29. The company had a trading volume of 2,088,598 shares, compared to its average volume of 2,727,638. The company’s 50 day simple moving average is $279.82 and its 200 day simple moving average is $283.45. Adobe Inc has a 1-year low of $204.95 and a 1-year high of $313.11. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.74 and a current ratio of 0.74. The company has a market capitalization of $131.10 billion, a price-to-earnings ratio of 50.14, a P/E/G ratio of 2.61 and a beta of 1.09.
In related news, EVP Ann Lewnes sold 3,000 shares of Adobe stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $289.32, for a total transaction of $867,960.00. Following the sale, the executive vice president now directly owns 55,198 shares in the company, valued at approximately $15,969,885.36. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Dana Rao sold 2,832 shares of Adobe stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $303.36, for a total transaction of $859,115.52. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,832 shares of company stock worth $3,471,486. 0.32% of the stock is currently owned by corporate insiders.
Several equities analysts have commented on ADBE shares. ValuEngine lowered shares of Adobe from a “buy” rating to a “hold” rating in a report on Thursday, September 5th. BMO Capital Markets reissued an “outperform” rating and issued a $310.00 target price (down from $315.00) on shares of Adobe in a report on Wednesday, September 18th. Barclays raised their target price on shares of Adobe from $304.00 to $330.00 and gave the company an “overweight” rating in a report on Wednesday, June 19th. Credit Suisse Group set a $325.00 target price on shares of Adobe and gave the company a “buy” rating in a report on Tuesday, September 17th. Finally, Nomura decreased their target price on shares of Adobe from $315.00 to $310.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have given a buy rating to the company. Adobe has a consensus rating of “Buy” and a consensus target price of $302.65.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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