Welch & Forbes LLC Grows Position in Adobe Inc (NASDAQ:ADBE)

Welch & Forbes LLC increased its position in shares of Adobe Inc (NASDAQ:ADBE) by 7.4% during the third quarter, HoldingsChannel reports. The institutional investor owned 54,153 shares of the software company’s stock after buying an additional 3,743 shares during the quarter. Welch & Forbes LLC’s holdings in Adobe were worth $14,961,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the stock. Abner Herrman & Brock LLC grew its stake in Adobe by 63.8% during the 3rd quarter. Abner Herrman & Brock LLC now owns 23,189 shares of the software company’s stock worth $6,406,000 after buying an additional 9,030 shares during the last quarter. Truvestments Capital LLC grew its stake in Adobe by 19.7% during the 3rd quarter. Truvestments Capital LLC now owns 267 shares of the software company’s stock worth $74,000 after buying an additional 44 shares during the last quarter. Pacer Advisors Inc. grew its stake in Adobe by 11.7% during the 3rd quarter. Pacer Advisors Inc. now owns 85,575 shares of the software company’s stock worth $23,640,000 after buying an additional 8,985 shares during the last quarter. Baldwin Brothers Inc. MA grew its stake in Adobe by 81.9% during the 3rd quarter. Baldwin Brothers Inc. MA now owns 7,042 shares of the software company’s stock worth $1,946,000 after buying an additional 3,170 shares during the last quarter. Finally, We Are One Seven LLC grew its stake in Adobe by 19.3% during the 3rd quarter. We Are One Seven LLC now owns 2,526 shares of the software company’s stock worth $698,000 after buying an additional 408 shares during the last quarter. Hedge funds and other institutional investors own 86.27% of the company’s stock.

In other news, EVP Dana Rao sold 2,832 shares of the firm’s stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $303.36, for a total value of $859,115.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Ann Lewnes sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $307.13, for a total value of $921,390.00. The disclosure for this sale can be found here. Insiders sold a total of 11,832 shares of company stock valued at $3,471,486 over the last three months. Insiders own 0.32% of the company’s stock.

A number of research firms have weighed in on ADBE. Bank of America increased their price objective on Adobe from $312.00 to $323.00 and gave the stock a “buy” rating in a research report on Wednesday, June 19th. Nomura decreased their price objective on Adobe from $315.00 to $310.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Stifel Nicolaus reaffirmed a “neutral” rating and set a $325.00 price objective on shares of Adobe in a research report on Wednesday, September 18th. BMO Capital Markets reaffirmed an “outperform” rating and set a $310.00 price objective (down from $315.00) on shares of Adobe in a research report on Wednesday, September 18th. Finally, KeyCorp reaffirmed a “hold” rating on shares of Adobe in a research report on Wednesday, June 19th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $302.65.

Shares of ADBE traded up $6.14 during mid-day trading on Friday, hitting $281.12. The company’s stock had a trading volume of 126,936 shares, compared to its average volume of 3,401,741. 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 firm has a 50-day simple moving average of $279.82 and a 200 day simple moving average of $283.45. The firm has a market capitalization of $131.10 billion, a P/E ratio of 50.65, a P/E/G ratio of 2.61 and a beta of 1.09. Adobe Inc has a 1-year low of $204.95 and a 1-year high of $313.11.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Tuesday, September 17th. The software company reported $2.05 EPS for the quarter, beating the consensus estimate of $1.97 by $0.08. The business had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.82 billion. Adobe had a return on equity of 30.49% and a net margin of 26.10%. The company’s quarterly revenue was up 23.7% compared to the same quarter last year. During the same period last year, the firm earned $1.73 EPS. As a group, sell-side analysts predict that Adobe Inc will post 6.38 EPS for the current fiscal year.

Adobe Company 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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