Principal Securities Inc. Increases Position in Adobe Inc. (NASDAQ:ADBE)

Principal Securities Inc. raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.7% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 15,652 shares of the software company’s stock after acquiring an additional 268 shares during the period. Principal Securities Inc.’s holdings in Adobe were worth $8,105,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in ADBE. Private Advisor Group LLC boosted its holdings in shares of Adobe by 0.9% during the first quarter. Private Advisor Group LLC now owns 22,946 shares of the software company’s stock worth $11,579,000 after purchasing an additional 198 shares during the period. Prosperity Consulting Group LLC boosted its holdings in shares of Adobe by 35.1% during the first quarter. Prosperity Consulting Group LLC now owns 1,105 shares of the software company’s stock worth $558,000 after purchasing an additional 287 shares during the period. Janney Montgomery Scott LLC boosted its holdings in shares of Adobe by 5.5% during the first quarter. Janney Montgomery Scott LLC now owns 88,698 shares of the software company’s stock worth $44,757,000 after purchasing an additional 4,630 shares during the period. 1834 Investment Advisors Co. boosted its holdings in shares of Adobe by 18.7% during the first quarter. 1834 Investment Advisors Co. now owns 1,646 shares of the software company’s stock worth $831,000 after purchasing an additional 259 shares during the period. Finally, KFA Private Wealth Group LLC purchased a new stake in shares of Adobe during the first quarter worth about $236,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction 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 $186,569,166. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is owned by insiders.

Adobe Price Performance

Shares of ADBE opened at $478.08 on Friday. The company has a market capitalization of $210.45 billion, a P/E ratio of 40.38, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a 50 day moving average of $523.68 and a 200 day moving average of $515.55. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results 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 company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm earned $3.26 earnings per share. As a group, equities research analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ADBE. Argus upgraded shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Morgan Stanley reissued an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Stifel Nicolaus increased their price target on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Sanford C. Bernstein decreased their price target 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. Finally, Citigroup increased their price target on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target 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.