Washington Trust Advisors Inc. Buys 180 Shares of Adobe Inc. (NASDAQ:ADBE)

by · The Markets Daily

Washington Trust Advisors Inc. boosted its position in Adobe Inc. (NASDAQ:ADBE – Free Report) by 29.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 785 shares of the software company’s stock after buying an additional 180 shares during the period. Washington Trust Advisors Inc.’s holdings in Adobe were worth $407,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ADBE. GAMMA Investing LLC raised its stake in shares of Adobe by 28.0% during the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after purchasing an additional 1,412 shares during the period. Crestwood Advisors Group LLC increased its holdings in Adobe by 1.0% during the third quarter. Crestwood Advisors Group LLC now owns 149,968 shares of the software company’s stock worth $77,650,000 after buying an additional 1,464 shares during the last quarter. Anchor Investment Management LLC raised its position in Adobe by 9.8% in the second quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock worth $8,892,000 after acquiring an additional 1,430 shares during the period. Fairscale Capital LLC purchased a new position in Adobe in the second quarter valued at about $1,318,000. Finally, Daymark Wealth Partners LLC increased its stake in shares of Adobe by 89.8% during the 2nd quarter. Daymark Wealth Partners LLC now owns 9,118 shares of the software company’s stock worth $5,065,000 after purchasing an additional 4,315 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 1.2 %

NASDAQ ADBE opened at $494.68 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The stock has a market cap of $217.76 billion, a P/E ratio of 41.78, a price-to-earnings-growth ratio of 2.48 and a beta of 1.30. The stock has a 50 day simple moving average of $514.90 and a two-hundred day simple moving average of $516.42.

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

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, EVP Scott Belsky sold 481 shares of the stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,187 shares of company stock valued at $17,736,369. Corporate insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ADBE. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Friday, September 13th. UBS Group decreased their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Sanford C. Bernstein cut their price target 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 lifted their price objective on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Finally, Bank of America reaffirmed a “buy” rating and issued a $640.00 price target on shares of Adobe in a report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $606.40.

View Our Latest Report on Adobe

Adobe Profile

(Free Report)

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.

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