Eagle Asset Management Inc. Grows Position in Adobe Inc (NASDAQ:ADBE)

Eagle Asset Management Inc. raised its stake in Adobe Inc (NASDAQ:ADBE) by 1.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 29,282 shares of the software company’s stock after purchasing an additional 524 shares during the period. Eagle Asset Management Inc.’s holdings in Adobe were worth $8,089,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. RDA Financial Network increased its stake in Adobe by 9.4% in the second quarter. RDA Financial Network now owns 3,899 shares of the software company’s stock valued at $1,181,000 after purchasing an additional 334 shares during the last quarter. Cedar Capital LLC increased its stake in Adobe by 43.9% in the second quarter. Cedar Capital LLC now owns 9,273 shares of the software company’s stock valued at $2,732,000 after purchasing an additional 2,829 shares during the last quarter. Ellington Management Group LLC increased its stake in Adobe by 17.2% in the second quarter. Ellington Management Group LLC now owns 3,400 shares of the software company’s stock valued at $1,002,000 after purchasing an additional 500 shares during the last quarter. Cetera Advisors LLC increased its stake in Adobe by 32.3% in the second quarter. Cetera Advisors LLC now owns 3,185 shares of the software company’s stock valued at $940,000 after purchasing an additional 778 shares during the last quarter. Finally, Cibc Bank USA increased its stake in Adobe by 29.0% in the third quarter. Cibc Bank USA now owns 1,694 shares of the software company’s stock valued at $468,000 after purchasing an additional 381 shares during the last quarter. Institutional investors own 86.65% of the company’s stock.

Shares of ADBE opened at $290.27 on Tuesday. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.10. The company’s 50 day simple moving average is $275.72 and its 200-day simple moving average is $284.60. Adobe Inc has a 12-month low of $204.95 and a 12-month high of $313.11. The firm has a market cap of $141.57 billion, a PE ratio of 47.94, a price-to-earnings-growth ratio of 2.82 and a beta of 1.09.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Tuesday, September 17th. The software company reported $2.05 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.97 by $0.08. Adobe had a return on equity of 30.49% and a net margin of 26.10%. The firm had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.82 billion. During the same period last year, the company earned $1.73 earnings per share. The company’s revenue for the quarter was up 23.7% on a year-over-year basis. As a group, equities research analysts forecast that Adobe Inc will post 6.39 EPS for the current fiscal year.

In related news, CMO Ann Lewnes sold 3,000 shares of the stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $274.34, for a total transaction of $823,020.00. Following the completion of the sale, the chief marketing officer now directly owns 52,398 shares of the company’s stock, valued at $14,374,867.32. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders have sold 9,000 shares of company stock valued at $2,500,110. Corporate insiders own 0.32% of the company’s stock.

Several equities analysts have commented on ADBE shares. JPMorgan Chase & Co. increased their price target on shares of Adobe from $318.00 to $322.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Nomura dropped their price target on shares of Adobe from $315.00 to $310.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Stephens set a $327.00 target price on shares of Adobe and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Citigroup raised their target price on shares of Adobe from $313.00 to $321.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. Finally, Canaccord Genuity set a $320.00 target price on shares of Adobe and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and thirteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $304.88.

Adobe Profile

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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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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