Heron Financial Group LLC Decreases Holdings in Adobe Inc. (NASDAQ:ADBE)

Heron Financial Group LLC decreased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 6.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,307 shares of the software company’s stock after selling 168 shares during the period. Adobe accounts for 0.9% of Heron Financial Group LLC’s holdings, making the stock its 28th biggest position. Heron Financial Group LLC’s holdings in Adobe were worth $1,122,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of ADBE. BTC Capital Management Inc. raised its stake in Adobe by 1.7% during the third quarter. BTC Capital Management Inc. now owns 17,789 shares of the software company’s stock worth $8,723,000 after purchasing an additional 299 shares during the period. Aviance Capital Partners LLC raised its stake in Adobe by 191.4% during the second quarter. Aviance Capital Partners LLC now owns 25,888 shares of the software company’s stock worth $11,269,000 after purchasing an additional 17,004 shares during the period. Westover Capital Advisors LLC raised its stake in Adobe by 37.3% during the second quarter. Westover Capital Advisors LLC now owns 5,725 shares of the software company’s stock worth $2,492,000 after purchasing an additional 1,556 shares during the period. Beaumont Financial Partners LLC raised its stake in Adobe by 3.6% during the second quarter. Beaumont Financial Partners LLC now owns 1,470 shares of the software company’s stock worth $640,000 after purchasing an additional 51 shares during the period. Finally, Wexford Capital LP acquired a new stake in shares of Adobe during the first quarter valued at about $85,000. 84.03% of the stock is owned by institutional investors.

A number of brokerages have weighed in on ADBE. BidaskClub cut shares of Adobe from a “buy” rating to a “hold” rating in a research report on Wednesday, September 9th. JPMorgan Chase & Co. reiterated a “buy” rating and set a $550.00 price target (up from $430.00) on shares of Adobe in a research report on Wednesday, September 16th. BofA Securities lifted their price target on shares of Adobe from $440.00 to $570.00 and gave the company a “buy” rating in a research report on Wednesday, September 16th. DZ Bank upgraded shares of Adobe from a “hold” rating to a “buy” rating and set a $570.00 price target for the company in a research report on Thursday, September 17th. Finally, Goldman Sachs Group lifted their price target on shares of Adobe from $460.00 to $520.00 and gave the company a “neutral” rating in a research report on Wednesday, September 16th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty-four have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $507.10.

Shares of NASDAQ:ADBE traded up $1.67 on Friday, reaching $502.82. 2,441,382 shares of the company were exchanged, compared to its average volume of 3,222,052. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.35. Adobe Inc. has a 1-year low of $255.13 and a 1-year high of $536.88. The firm has a market cap of $241.21 billion, a price-to-earnings ratio of 63.33, a price-to-earnings-growth ratio of 3.89 and a beta of 0.97. The company has a 50-day moving average of $490.24 and a 200-day moving average of $420.66.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Tuesday, September 15th. The software company reported $2.57 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.41 by $0.16. The business had revenue of $3.23 billion for the quarter, compared to analysts’ expectations of $3.16 billion. Adobe had a net margin of 31.05% and a return on equity of 35.84%. The business’s revenue for the quarter was up 14.0% on a year-over-year basis. During the same period in the prior year, the company posted $2.05 EPS. As a group, analysts forecast that Adobe Inc. will post 8.2 earnings per share for the current year.

In related news, EVP Gloria Chen sold 484 shares of the stock in a transaction dated Thursday, October 8th. The shares were sold at an average price of $499.00, for a total value of $241,516.00. Following the sale, the executive vice president now directly owns 6,881 shares of the company’s stock, valued at approximately $3,433,619. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CMO Ann Lewnes sold 5,000 shares of the stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $519.74, for a total transaction of $2,598,700.00. Following the completion of the sale, the chief marketing officer now directly owns 35,257 shares in the company, valued at $18,324,473.18. The disclosure for this sale can be found here. Over the last three months, insiders sold 75,470 shares of company stock worth $34,289,308. 0.31% of the stock is owned by corporate insiders.

Adobe Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, 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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