Moors & Cabot Inc. Buys 98 Shares of Adobe Inc. (NASDAQ:ADBE)

Moors & Cabot Inc. boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 2.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,550 shares of the software company’s stock after acquiring an additional 98 shares during the period. Moors & Cabot Inc.’s holdings in Adobe were worth $1,838,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Piscataqua Savings Bank boosted its holdings in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new position in Adobe during the 3rd quarter valued at about $30,000. Summit Securities Group LLC acquired a new position in Adobe during the 2nd quarter valued at about $33,000. Lynx Investment Advisory acquired a new position in Adobe during the 2nd quarter valued at about $39,000. Finally, Briaud Financial Planning Inc purchased a new position in shares of Adobe in the 3rd quarter worth approximately $36,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

Shares of ADBE stock opened at $499.50 on Thursday. 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 company has a market capitalization of $219.88 billion, a P/E ratio of 42.19, a P/E/G ratio of 2.59 and a beta of 1.30. The company’s 50-day simple moving average is $505.27 and its two-hundred day simple moving average is $518.81. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period last year, the firm earned $3.26 earnings per share. The company’s quarterly revenue was up 10.6% on a year-over-year basis. As a group, equities analysts anticipate that Adobe Inc. will post 14.82 EPS for the current year.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, 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 over the last 90 days. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the topic of several research analyst reports. Oppenheimer reiterated an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a research note on Friday, September 13th. Sanford C. Bernstein reduced their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. Morgan Stanley restated an “overweight” rating and set a $660.00 price target on shares of Adobe in a research report on Friday, September 13th. Barclays increased their price target on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 target price on shares of Adobe in a research note on Tuesday, October 15th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target 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.