Adobe Inc (ADBE) Stake Lifted by Commonwealth Equity Services LLC
Commonwealth Equity Services LLC grew its holdings in Adobe Inc (NASDAQ:ADBE) by 2.3% during the third quarter, Holdings Channel reports. The fund owned 56,976 shares of the software company’s stock after purchasing an additional 1,294 shares during the period. Commonwealth Equity Services LLC’s holdings in Adobe were worth $15,380,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also added to or reduced their stakes in ADBE. Xact Kapitalforvaltning AB boosted its holdings in Adobe by 3.0% in the 2nd quarter. Xact Kapitalforvaltning AB now owns 99,470 shares of the software company’s stock valued at $24,252,000 after purchasing an additional 2,934 shares during the period. Mckinley Capital Management LLC Delaware acquired a new position in shares of Adobe in the 2nd quarter valued at approximately $177,000. Atria Investments LLC raised its position in shares of Adobe by 5.4% in the 2nd quarter. Atria Investments LLC now owns 11,239 shares of the software company’s stock valued at $2,740,000 after buying an additional 580 shares in the last quarter. Welch & Forbes LLC acquired a new position in shares of Adobe in the 2nd quarter valued at approximately $3,011,000. Finally, Smithfield Trust Co. raised its position in shares of Adobe by 123.9% in the 2nd quarter. Smithfield Trust Co. now owns 1,628 shares of the software company’s stock valued at $397,000 after buying an additional 901 shares in the last quarter. Institutional investors and hedge funds own 85.07% of the company’s stock.
ADBE stock opened at $238.74 on Wednesday. The company has a market cap of $115.53 billion, a P/E ratio of 46.13, a P/E/G ratio of 2.55 and a beta of 1.15. Adobe Inc has a 1 year low of $165.68 and a 1 year high of $277.61. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.21.
In other Adobe news, EVP Bradley Rencher sold 12,000 shares of the company’s stock in a transaction that occurred on Thursday, November 1st. The shares were sold at an average price of $245.30, for a total value of $2,943,600.00. Following the completion of the transaction, the executive vice president now directly owns 68,071 shares in the company, valued at approximately $16,697,816.30. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Ann Lewnes sold 2,910 shares of the company’s stock in a transaction that occurred on Wednesday, October 17th. The shares were sold at an average price of $261.21, for a total transaction of $760,121.10. Following the completion of the transaction, the executive vice president now owns 55,647 shares of the company’s stock, valued at $14,535,552.87. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,851 shares of company stock valued at $4,501,144. 0.33% of the stock is owned by corporate insiders.
Several brokerages have recently commented on ADBE. Rosenblatt Securities restated a “buy” rating and issued a $280.00 target price on shares of Adobe in a research report on Sunday, October 21st. Wedbush began coverage on shares of Adobe in a research report on Thursday, October 18th. They issued a “neutral” rating and a $270.00 target price for the company. Barclays boosted their target price on shares of Adobe from $297.00 to $304.00 and gave the company an “overweight” rating in a research report on Tuesday, October 16th. BidaskClub cut shares of Adobe from a “buy” rating to a “hold” rating in a research report on Friday, October 5th. Finally, Zacks Investment Research upgraded shares of Adobe from a “hold” rating to a “buy” rating and set a $305.00 target price for the company in a research report on Thursday, October 4th. Ten investment analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $271.04.
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.
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