River Street Advisors LLC Has $730,000 Stock Position in Adobe Inc. (NASDAQ:ADBE)

River Street Advisors LLC increased its stake in Adobe Inc. (NASDAQ:ADBE) by 1.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,409 shares of the software company’s stock after acquiring an additional 25 shares during the quarter. River Street Advisors LLC’s holdings in Adobe were worth $730,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ADBE. International Assets Investment Management LLC raised its stake in 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 period. Swedbank AB bought a new stake in Adobe during the 1st quarter valued at $621,179,000. Longview Partners Guernsey LTD acquired a new position in Adobe during the second quarter worth $663,745,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Adobe by 17.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after buying an additional 1,146,718 shares during the last quarter. Finally, BlueSpruce Investments LP increased its position in shares of Adobe by 81.1% during the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after acquiring an additional 575,675 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on ADBE. Stifel Nicolaus increased their price target on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Barclays upped their target price on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Argus raised Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Finally, Sanford C. Bernstein reduced their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded down $26.50 during mid-day trading on Friday, reaching $503.37. 4,612,417 shares of the company traded hands, compared to its average volume of 3,172,124. The firm has a market cap of $221.58 billion, a PE ratio of 42.51, a PEG ratio of 2.74 and a beta of 1.30. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company’s 50 day moving average price is $509.79 and its 200-day moving average price is $517.96. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

Adobe (NASDAQ:ADBE) last posted its 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. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period last year, the company posted $3.26 earnings per share. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. On average, equities analysts expect that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Insider Transactions at Adobe

In related news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. The trade was a 19.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Daniel Durn sold 6,500 shares of the company’s 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. The trade was a 23.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is currently owned by insiders.

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.