Inverness Counsel LLC NY Reduces Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Inverness Counsel LLC NY decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 18.7% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 127,519 shares of the software company’s stock after selling 29,395 shares during the quarter. Adobe accounts for 2.7% of Inverness Counsel LLC NY’s holdings, making the stock its 10th largest position. Inverness Counsel LLC NY’s holdings in Adobe were worth $74,680,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of ADBE. Reilly Financial Advisors LLC increased its stake in Adobe by 1.2% in the second quarter. Reilly Financial Advisors LLC now owns 1,467 shares of the software company’s stock valued at $859,000 after acquiring an additional 17 shares during the period. Beaumont Financial Partners LLC lifted its position in shares of Adobe by 1.0% during the 2nd quarter. Beaumont Financial Partners LLC now owns 1,742 shares of the software company’s stock worth $1,023,000 after buying an additional 17 shares during the period. EPG Wealth Management LLC grew its position in Adobe by 1.6% in the second quarter. EPG Wealth Management LLC now owns 1,054 shares of the software company’s stock valued at $617,000 after acquiring an additional 17 shares during the period. Windward Capital Management Co. CA raised its stake in Adobe by 1.2% during the second quarter. Windward Capital Management Co. CA now owns 1,477 shares of the software company’s stock worth $865,000 after acquiring an additional 18 shares in the last quarter. Finally, Creative Financial Designs Inc. ADV boosted its stake in shares of Adobe by 5.5% in the 2nd quarter. Creative Financial Designs Inc. ADV now owns 362 shares of the software company’s stock valued at $212,000 after purchasing an additional 19 shares in the last quarter. Hedge funds and other institutional investors own 81.67% of the company’s stock.

In other Adobe news, EVP Dana Rao sold 2,833 shares of the firm’s stock in a transaction on Monday, June 21st. The stock was sold at an average price of $563.12, for a total transaction of $1,595,318.96. Following the completion of the sale, the executive vice president now owns 20,144 shares of the company’s stock, valued at approximately $11,343,489.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Gloria Chen sold 42 shares of the firm’s stock in a transaction dated Wednesday, August 25th. The stock was sold at an average price of $659.63, for a total transaction of $27,704.46. Following the sale, the executive vice president now owns 11,831 shares of the company’s stock, valued at approximately $7,804,082.53. The disclosure for this sale can be found here. Insiders have sold a total of 13,363 shares of company stock worth $7,711,611 over the last 90 days. 0.23% of the stock is owned by company insiders.

NASDAQ:ADBE traded up $12.57 during trading hours on Wednesday, reaching $657.58. 27,817 shares of the stock were exchanged, compared to its average volume of 2,199,907. The stock has a market cap of $313.27 billion, a PE ratio of 55.89, a PEG ratio of 3.42 and a beta of 0.97. Adobe Inc. has a twelve month low of $420.78 and a twelve month high of $673.88. The firm has a 50 day moving average of $633.81 and a 200 day moving average of $548.61. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.31 and a quick ratio of 1.31.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, June 16th. The software company reported $3.03 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.81 by $0.22. Adobe had a net margin of 38.79% and a return on equity of 35.94%. The business had revenue of $3.84 billion during the quarter, compared to analysts’ expectations of $3.73 billion. During the same quarter in the prior year, the company posted $2.45 earnings per share. The firm’s revenue was up 22.7% on a year-over-year basis. Equities research analysts anticipate that Adobe Inc. will post 10.28 earnings per share for the current year.

Several research firms recently weighed in on ADBE. Bank of America boosted their price objective on shares of Adobe from $570.00 to $640.00 and gave the stock a “buy” rating in a research report on Friday, June 18th. Royal Bank of Canada raised their price target on Adobe from $575.00 to $650.00 and gave the company an “outperform” rating in a report on Friday, June 18th. Stifel Nicolaus boosted their price objective on Adobe from $675.00 to $725.00 and gave the stock a “buy” rating in a report on Tuesday, September 7th. JPMorgan Chase & Co. raised their target price on shares of Adobe from $595.00 to $660.00 and gave the company an “overweight” rating in a research note on Friday, June 18th. Finally, Argus lifted their price target on shares of Adobe from $650.00 to $764.00 and gave the stock a “buy” rating in a research report on Friday, September 3rd. Five analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $622.54.

About Adobe

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Light room and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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