Allworth Financial LP Decreases Stock Holdings in Adobe Inc (NASDAQ:ADBE)

Allworth Financial LP decreased its holdings in shares of Adobe Inc (NASDAQ:ADBE) by 2.7% during the third quarter, HoldingsChannel reports. The institutional investor owned 1,767 shares of the software company’s stock after selling 49 shares during the period. Allworth Financial LP’s holdings in Adobe were worth $488,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Shine Investment Advisory Services Inc. lifted its holdings in Adobe by 1.3% in the 2nd quarter. Shine Investment Advisory Services Inc. now owns 2,539 shares of the software company’s stock valued at $748,000 after purchasing an additional 33 shares in the last quarter. Rockland Trust Co. lifted its holdings in Adobe by 1.3% in the 2nd quarter. Rockland Trust Co. now owns 2,965 shares of the software company’s stock valued at $874,000 after purchasing an additional 37 shares in the last quarter. First National Bank of Hutchinson lifted its holdings in Adobe by 1.5% in the 2nd quarter. First National Bank of Hutchinson now owns 2,492 shares of the software company’s stock valued at $766,000 after purchasing an additional 37 shares in the last quarter. Zions Bancorporation N.A. lifted its holdings in Adobe by 0.8% in the 2nd quarter. Zions Bancorporation N.A. now owns 4,559 shares of the software company’s stock valued at $1,343,000 after purchasing an additional 38 shares in the last quarter. Finally, Kings Point Capital Management lifted its holdings in Adobe by 31.2% in the 2nd quarter. Kings Point Capital Management now owns 164 shares of the software company’s stock valued at $48,000 after purchasing an additional 39 shares in the last quarter. Hedge funds and other institutional investors own 86.27% of the company’s stock.

Shares of NASDAQ:ADBE remained flat at $$274.27 during midday trading on Wednesday. The company had a trading volume of 1,188,720 shares, compared to its average volume of 2,736,508. The stock has a fifty day moving average price of $280.09 and a 200 day moving average price of $283.37. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $134.07 billion, a PE ratio of 49.42, a price-to-earnings-growth ratio of 2.67 and a beta of 1.09. Adobe Inc has a 1 year low of $204.95 and a 1 year high of $313.11.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Tuesday, September 17th. The software company reported $2.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.97 by $0.08. The firm had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.82 billion. Adobe had a return on equity of 30.49% and a net margin of 26.10%. The company’s quarterly revenue was up 23.7% on a year-over-year basis. During the same period last year, the company earned $1.73 EPS. On average, analysts expect that Adobe Inc will post 6.38 EPS for the current year.

A number of brokerages have issued reports on ADBE. Wedbush reaffirmed a “hold” rating and issued a $290.00 target price on shares of Adobe in a research note on Wednesday, September 18th. KeyCorp reaffirmed a “hold” rating on shares of Adobe in a research note on Wednesday, June 19th. Citigroup cut their target price on Adobe from $335.00 to $322.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. JPMorgan Chase & Co. cut their target price on Adobe from $329.00 to $318.00 and set a “neutral” rating for the company in a research note on Wednesday, September 18th. Finally, JMP Securities reaffirmed a “hold” rating on shares of Adobe in a research note on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and fourteen have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $302.65.

In related news, EVP Ann Lewnes sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $289.32, for a total transaction of $867,960.00. Following the completion of the sale, the executive vice president now directly owns 55,198 shares of the company’s stock, valued at approximately $15,969,885.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Dana Rao sold 2,832 shares of the firm’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $303.36, for a total value of $859,115.52. The disclosure for this sale can be found here. Insiders have sold a total of 11,832 shares of company stock valued at $3,471,486 over the last three months. Corporate insiders own 0.32% of the company’s stock.

About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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