Banque Cantonale Vaudoise Raises Position in Adobe Inc. (NASDAQ:ADBE)

Banque Cantonale Vaudoise lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 11.7% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 29,547 shares of the software company’s stock after purchasing an additional 3,099 shares during the quarter. Adobe comprises 0.6% of Banque Cantonale Vaudoise’s portfolio, making the stock its 23rd biggest holding. Banque Cantonale Vaudoise’s holdings in Adobe were worth $15,299,000 as of its most recent filing with the SEC.

Other large investors have also recently modified their holdings of the company. W.G. Shaheen & Associates DBA Whitney & Co grew its holdings in Adobe by 1.1% during the 3rd quarter. W.G. Shaheen & Associates DBA Whitney & Co now owns 30,545 shares of the software company’s stock valued at $15,816,000 after purchasing an additional 341 shares during the last quarter. Fifth Third Wealth Advisors LLC lifted its stake in Adobe by 2.0% in the third quarter. Fifth Third Wealth Advisors LLC now owns 10,460 shares of the software company’s stock worth $5,416,000 after purchasing an additional 207 shares during the last quarter. BIP Wealth LLC boosted its position in shares of Adobe by 8.5% during the third quarter. BIP Wealth LLC now owns 1,211 shares of the software company’s stock valued at $627,000 after buying an additional 95 shares during the period. Prospera Financial Services Inc grew its stake in shares of Adobe by 3.8% during the third quarter. Prospera Financial Services Inc now owns 25,273 shares of the software company’s stock valued at $13,086,000 after buying an additional 929 shares during the last quarter. Finally, Meeder Asset Management Inc. raised its holdings in shares of Adobe by 31.3% in the third quarter. Meeder Asset Management Inc. now owns 256 shares of the software company’s stock worth $133,000 after buying an additional 61 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

In related news, 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 of the company’s stock, valued at $10,740,738.72. This represents a 23.78 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock valued at $17,736,369 in the last three months. 0.15% of the stock is owned by insiders.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of recent analyst reports. Barclays boosted their price objective on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Sanford C. Bernstein lowered their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research note on Friday, September 13th. Morgan Stanley reaffirmed an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Oppenheimer reissued an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. Finally, Stifel Nicolaus upped their target price on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Price Performance

Shares of ADBE opened at $499.51 on Tuesday. The company has a 50 day moving average of $508.38 and a two-hundred day moving average of $518.85. The company has a market cap of $219.88 billion, a price-to-earnings ratio of 42.19, a price-to-earnings-growth ratio of 2.59 and a beta of 1.30. The company has a quick ratio of 1.11, a current 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.

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

Adobe 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.