Financial Counselors Inc. Has $29.66 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Financial Counselors Inc. cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 57,279 shares of the software company’s stock after selling 608 shares during the period. Financial Counselors Inc.’s holdings in Adobe were worth $29,658,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in ADBE. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Adobe by 3.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock worth $2,455,079,000 after purchasing an additional 140,390 shares during the period. Public Sector Pension Investment Board increased its position in Adobe by 12.2% during the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock worth $10,005,000 after buying an additional 2,100 shares during the period. Fiduciary Trust Co lifted its holdings in shares of Adobe by 4.3% during the third quarter. Fiduciary Trust Co now owns 27,690 shares of the software company’s stock worth $14,337,000 after buying an additional 1,148 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Adobe by 1.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 232,797 shares of the software company’s stock valued at $120,538,000 after acquiring an additional 2,669 shares during the period. Finally, Providence Capital Advisors LLC grew its stake in shares of Adobe by 1.9% in the third quarter. Providence Capital Advisors LLC now owns 15,511 shares of the software company’s stock valued at $8,031,000 after acquiring an additional 289 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 481 shares of the stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the 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 sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. The trade was a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock valued at $17,736,369 over the last ninety days. 0.15% of the stock is owned by company insiders.

Adobe Stock Performance

Shares of ADBE opened at $513.68 on Thursday. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm’s fifty day simple moving average is $503.39 and its two-hundred day simple moving average is $519.76. The stock has a market capitalization of $226.12 billion, a P/E ratio of 43.39, a price-to-earnings-growth ratio of 2.67 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion for 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%. Adobe’s revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the firm earned $3.26 earnings per share. As a group, analysts predict that Adobe Inc. will post 14.82 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Sanford C. Bernstein cut their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Citigroup boosted their price target on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Morgan Stanley restated an “overweight” rating and set a $660.00 target price on shares of Adobe in a research note on Friday, September 13th. UBS Group lowered their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Finally, Barclays raised their price target on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $606.40.

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.