Dillon & Associates Inc. Increases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Dillon & Associates Inc. raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.7% during the third quarter, HoldingsChannel reports. The fund owned 3,629 shares of the software company’s stock after purchasing an additional 62 shares during the quarter. Dillon & Associates Inc.’s holdings in Adobe were worth $1,880,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. GAMMA Investing LLC increased its position in shares of Adobe by 28.0% during the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after buying an additional 1,412 shares during the period. Hemenway Trust Co LLC lifted its stake in Adobe by 53.1% in the 3rd quarter. Hemenway Trust Co LLC now owns 10,202 shares of the software company’s stock worth $5,282,000 after purchasing an additional 3,539 shares in the last quarter. Crestwood Advisors Group LLC increased its holdings in shares of Adobe by 1.0% in the third quarter. Crestwood Advisors Group LLC now owns 149,968 shares of the software company’s stock worth $77,650,000 after purchasing an additional 1,464 shares during the period. Anchor Investment Management LLC increased its holdings in shares of Adobe by 9.8% in the second quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock worth $8,892,000 after purchasing an additional 1,430 shares during the period. Finally, Fairscale Capital LLC bought a new stake in Adobe during the second quarter valued at $1,318,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 4.3 %

Adobe stock opened at $526.42 on Wednesday. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The business’s fifty day moving average is $513.50 and its 200 day moving average is $517.22. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market capitalization of $231.73 billion, a PE ratio of 44.46, a price-to-earnings-growth ratio of 2.55 and a beta of 1.30.

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 analysts’ consensus estimates of $4.53 by $0.12. The company 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%. Adobe’s revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.26 earnings per share. On average, sell-side analysts predict that Adobe Inc. will post 14.82 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. UBS Group decreased their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Oppenheimer reaffirmed an “outperform” rating and set a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Stifel Nicolaus increased their target price on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Argus upgraded Adobe to a “strong-buy” rating in a report on Monday, September 16th. Finally, Citigroup raised their price objective on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Two equities research 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 company. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Insider Buying and Selling

In other Adobe news, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction dated 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 directly owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Jillian Forusz sold 676 shares of the company’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 value of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is owned by corporate 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.