Adobe Inc. (NASDAQ:ADBE) Position Raised by Eagle Bay Advisors LLC

Eagle Bay Advisors LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,047 shares of the software company’s stock after purchasing an additional 26 shares during the period. Eagle Bay Advisors LLC’s holdings in Adobe were worth $1,060,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADBE. Piscataqua Savings Bank grew its position in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the last quarter. Tradewinds Capital Management LLC grew its position in Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after purchasing an additional 40 shares in the last quarter. Salomon & Ludwin LLC grew its position in Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares in the last quarter. Summit Securities Group LLC purchased a new position in Adobe during the 2nd quarter worth approximately $33,000. Finally, Lynx Investment Advisory purchased a new position in Adobe during the 2nd quarter worth approximately $39,000. Institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ADBE. Sanford C. Bernstein lowered their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Barclays lifted their price objective on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Oppenheimer reiterated an “outperform” rating and set a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. Morgan Stanley reiterated an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. Finally, UBS Group lowered their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $258,297.00. Following the completion of the transaction, the executive vice president now owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $258,297.00. Following the transaction, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at $10,556,346. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,608 shares of company stock valued at $17,486,391 in the last quarter. Insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Adobe stock traded down $4.41 on Wednesday, reaching $488.70. 649,684 shares of the stock were exchanged, compared to its average volume of 3,192,420. The stock has a market cap of $216.69 billion, a PE ratio of 43.91, a PEG ratio of 2.55 and a beta of 1.29. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The firm has a fifty day moving average price of $533.94 and a two-hundred day moving average price of $516.05.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business’s revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.26 EPS. Sell-side analysts anticipate that Adobe Inc. will post 14.8 EPS for the current year.

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.