Sumitomo Mitsui Financial Group Inc. reduced its position in Adobe Inc (NASDAQ:ADBE) by 15.6% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,148 shares of the software company’s stock after selling 582 shares during the period. Sumitomo Mitsui Financial Group Inc.’s holdings in Adobe were worth $850,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ADBE. RB Capital Management LLC raised its stake in Adobe by 4.7% during the 2nd quarter. RB Capital Management LLC now owns 4,416 shares of the software company’s stock valued at $1,077,000 after buying an additional 200 shares during the last quarter. Violich Capital Management Inc. raised its stake in Adobe by 6.8% during the 2nd quarter. Violich Capital Management Inc. now owns 3,125 shares of the software company’s stock valued at $762,000 after buying an additional 200 shares during the last quarter. Andra AP fonden raised its stake in Adobe by 0.7% during the 3rd quarter. Andra AP fonden now owns 27,700 shares of the software company’s stock valued at $7,478,000 after buying an additional 200 shares during the last quarter. Wetherby Asset Management Inc. raised its stake in Adobe by 1.6% during the 2nd quarter. Wetherby Asset Management Inc. now owns 13,344 shares of the software company’s stock valued at $3,254,000 after buying an additional 213 shares during the last quarter. Finally, Warren Averett Asset Management LLC raised its stake in Adobe by 13.8% during the 3rd quarter. Warren Averett Asset Management LLC now owns 1,777 shares of the software company’s stock valued at $480,000 after buying an additional 215 shares during the last quarter. Institutional investors own 83.65% of the company’s stock.

In other Adobe news, EVP Ann Lewnes sold 2,910 shares of the stock in a transaction dated 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 approximately $14,535,552.87. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Bradley Rencher sold 12,000 shares of the stock in a transaction dated Thursday, November 1st. The shares were sold at an average price of $245.30, for a total transaction of $2,943,600.00. Following the transaction, the executive vice president now directly 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 17,851 shares of company stock valued at $4,501,144 in the last three months. Insiders own 0.33% of the company’s stock.

ADBE has been the subject of a number of research reports. 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 note on Thursday, October 4th. Citigroup boosted their price objective on shares of Adobe from $260.00 to $309.00 and gave the company a “buy” rating in a research report on Friday, September 14th. Argus boosted their price objective on shares of Adobe from $289.00 to $320.00 and gave the company a “buy” rating in a research report on Monday, September 17th. Wedbush started coverage on shares of Adobe in a research report on Thursday, October 18th. They set a “neutral” rating and a $270.00 price objective for the company. Finally, Nomura started coverage on shares of Adobe in a research report on Thursday. They set a “buy” rating and a $315.00 price objective for the company. Ten analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. Adobe has an average rating of “Buy” and a consensus target price of $272.55.

Shares of Adobe stock opened at $235.59 on Monday. The firm has a market capitalization of $116.61 billion, a P/E ratio of 65.62, a PEG ratio of 2.57 and a beta of 1.15. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.21. Adobe Inc has a fifty-two week low of $165.68 and a fifty-two week high of $277.61.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 13th. The software company reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.69 by $0.04. The company had revenue of $2.29 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.10 EPS. On average, sell-side analysts forecast that Adobe Inc will post 5.66 EPS for the current year.

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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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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