Dover Advisors LLC Grows Stake in Adobe Inc. (NASDAQ:ADBE)

Dover Advisors LLC grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 7.3% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,086 shares of the software company’s stock after purchasing an additional 211 shares during the quarter. Dover Advisors LLC’s holdings in Adobe were worth $1,598,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the business. GAMMA Investing LLC grew its position in shares of Adobe by 28.0% during the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after acquiring an additional 1,412 shares during the period. Steph & Co. raised its stake in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares during the period. International Assets Investment Management LLC grew its stake in shares of Adobe by 16.2% during the 1st quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock valued at $1,435,000 after acquiring an additional 398 shares during the period. Anchor Investment Management LLC increased its holdings in Adobe by 9.8% in the 2nd quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock worth $8,892,000 after acquiring an additional 1,430 shares in the last quarter. Finally, Choreo LLC raised its stake in Adobe by 4.7% during the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after acquiring an additional 197 shares during the period. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Adobe stock traded down $1.62 during trading on Tuesday, reaching $508.03. The company had a trading volume of 3,604,687 shares, compared to its average volume of 3,231,957. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The firm’s 50-day simple moving average is $537.29 and its 200 day simple moving average is $515.92. The firm has a market capitalization of $225.26 billion, a PE ratio of 45.87, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last released 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. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the business posted $3.26 earnings per share. As a group, equities research analysts anticipate that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,501,989. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The shares were 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 directly owns 357,700 shares in the company, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,078 shares of company stock valued at $16,700,246 in the last three months. 0.15% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Bank of America reiterated a “buy” rating and issued a $640.00 price target on shares of Adobe in a research note on Friday, September 13th. Stifel Nicolaus raised their target price on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Morgan Stanley reissued an “overweight” rating and set a $660.00 price objective on shares of Adobe in a report on Friday, September 13th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $610.00 target price on shares of Adobe in a report on Tuesday. Finally, Citigroup lifted their price objective on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price 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.