Rockland Trust Co. Reduces Holdings in Adobe Inc (NASDAQ:ADBE)

Rockland Trust Co. decreased its holdings in Adobe Inc (NASDAQ:ADBE) by 4.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,835 shares of the software company’s stock after selling 130 shares during the quarter. Rockland Trust Co.’s holdings in Adobe were worth $772,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of ADBE. RDA Financial Network raised its holdings in Adobe by 9.4% in the second quarter. RDA Financial Network now owns 3,899 shares of the software company’s stock worth $1,181,000 after purchasing an additional 334 shares in the last quarter. Cedar Capital LLC boosted its position in Adobe by 43.9% in the second quarter. Cedar Capital LLC now owns 9,273 shares of the software company’s stock valued at $2,732,000 after buying an additional 2,829 shares during the last quarter. Ellington Management Group LLC boosted its position in Adobe by 17.2% in the second quarter. Ellington Management Group LLC now owns 3,400 shares of the software company’s stock valued at $1,002,000 after buying an additional 500 shares during the last quarter. Cetera Advisors LLC boosted its position in Adobe by 32.3% in the second quarter. Cetera Advisors LLC now owns 3,185 shares of the software company’s stock valued at $940,000 after buying an additional 778 shares during the last quarter. Finally, Comerica Bank boosted its position in Adobe by 0.7% in the second quarter. Comerica Bank now owns 129,848 shares of the software company’s stock valued at $40,174,000 after buying an additional 903 shares during the last quarter. 86.27% of the stock is currently owned by institutional investors.

In other news, CMO Ann Lewnes sold 3,000 shares of the stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $274.34, for a total transaction of $823,020.00. Following the transaction, the chief marketing officer now owns 52,398 shares in the company, valued at approximately $14,374,867.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Dana Rao sold 2,832 shares of the stock in a transaction that occurred on Tuesday, July 30th. The shares were 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 worth $3,471,486 in the last quarter. Insiders own 0.32% of the company’s stock.

Shares of NASDAQ:ADBE opened at $278.29 on Friday. Adobe Inc has a 1 year low of $204.95 and a 1 year high of $313.11. The firm has a market capitalization of $132.77 billion, a price-to-earnings ratio of 50.14, a price-to-earnings-growth ratio of 2.64 and a beta of 1.09. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.74 and a quick ratio of 0.74. The business’s 50 day moving average price is $279.64 and its 200-day moving average price is $283.55.

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

ADBE has been the topic of a number of recent research reports. Canaccord Genuity set a $320.00 target price on Adobe and gave the company a “buy” rating in a research report on Wednesday, September 18th. Stifel Nicolaus reiterated a “neutral” rating and issued a $325.00 target price on shares of Adobe in a research report on Wednesday, September 18th. BidaskClub lowered Adobe from a “hold” rating to a “sell” rating in a research report on Wednesday, September 11th. Credit Suisse Group set a $325.00 target price on Adobe and gave the company a “buy” rating in a research report on Tuesday, September 17th. Finally, Griffin Securities upped their target price on Adobe from $303.00 to $317.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and fourteen have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $302.65.

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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