Adobe Inc (ADBE) Holdings Reduced by Toronto Dominion Bank
Toronto Dominion Bank lowered its position in Adobe Inc (NASDAQ:ADBE) by 10.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 320,040 shares of the software company’s stock after selling 35,886 shares during the quarter. Toronto Dominion Bank owned approximately 0.07% of Adobe worth $86,375,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Greenleaf Trust lifted its stake in shares of Adobe by 9.5% during the 3rd quarter. Greenleaf Trust now owns 4,100 shares of the software company’s stock worth $1,107,000 after buying an additional 355 shares during the last quarter. Iberiabank Corp increased its position in Adobe by 32.5% during the third quarter. Iberiabank Corp now owns 20,238 shares of the software company’s stock worth $5,463,000 after acquiring an additional 4,959 shares during the period. Sunesis Advisors LLC bought a new position in Adobe during the third quarter worth about $204,000. Creative Planning increased its position in Adobe by 53.5% during the second quarter. Creative Planning now owns 41,801 shares of the software company’s stock worth $10,191,000 after acquiring an additional 14,574 shares during the period. Finally, Moneta Group Investment Advisors LLC bought a new position in Adobe during the second quarter worth about $546,000. Hedge funds and other institutional investors own 85.07% of the company’s stock.
In other news, EVP Ann Lewnes sold 2,941 shares of the company’s stock in a transaction on Wednesday, September 19th. The shares were sold at an average price of $271.14, for a total value of $797,422.74. Following the completion of the sale, the executive vice president now owns 58,557 shares in the company, valued at approximately $15,877,144.98. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Bradley Rencher sold 12,000 shares of the company’s stock in a transaction on Thursday, November 1st. The stock was sold at an average price of $245.30, for a total transaction of $2,943,600.00. Following the completion of the sale, the executive vice president now owns 68,071 shares of the company’s stock, valued at approximately $16,697,816.30. The disclosure for this sale can be found here. Insiders have sold a total of 20,790 shares of company stock valued at $5,247,062 in the last 90 days. 0.33% of the stock is currently owned by company insiders.
Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 13th. The software company reported $1.73 EPS for the quarter, beating the Zacks’ consensus estimate of $1.69 by $0.04. The business had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.25 billion. Adobe had a net margin of 28.16% and a return on equity of 29.51%. Adobe’s quarterly revenue was up 24.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.10 EPS. On average, equities research analysts expect that Adobe Inc will post 5.66 EPS for the current fiscal year.
A number of equities analysts recently commented on the stock. Guggenheim assumed coverage on shares of Adobe in a research report on Tuesday, August 7th. They set a “neutral” rating and a $275.00 price target on the stock. Griffin Securities raised their price target on shares of Adobe from $278.00 to $296.00 and gave the stock a “buy” rating in a research report on Friday, September 14th. BidaskClub raised shares of Adobe from a “buy” rating to a “strong-buy” rating in a research report on Thursday, September 13th. Bank of America reaffirmed a “buy” rating and set a $300.00 price target on shares of Adobe in a research report on Wednesday, September 12th. Finally, Piper Jaffray Companies reaffirmed an “overweight” rating and set a $290.00 price target on shares of Adobe in a research report on Friday, September 14th. They noted that the move was a valuation call. Ten analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $271.04.
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Adobe Company Profile
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 customers to download and install the latest versions of its creative products.
Further Reading: Hedge Funds
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