Montag A & Associates Inc. Buys 729 Shares of Adobe Inc. (NASDAQ:ADBE)

Montag A & Associates Inc. lifted its position in Adobe Inc. (NASDAQ:ADBEFree Report) by 2.0% in the third quarter, HoldingsChannel.com reports. The firm owned 37,101 shares of the software company’s stock after purchasing an additional 729 shares during the quarter. Adobe comprises about 1.2% of Montag A & Associates Inc.’s investment portfolio, making the stock its 14th biggest holding. Montag A & Associates Inc.’s holdings in Adobe were worth $18,918,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Scotia Capital Inc. boosted its holdings in shares of Adobe by 4.7% in the 2nd quarter. Scotia Capital Inc. now owns 126,816 shares of the software company’s stock valued at $62,012,000 after buying an additional 5,663 shares in the last quarter. Sovereign Financial Group Inc. purchased a new position in shares of Adobe during the 2nd quarter valued at approximately $1,020,000. Rockland Trust Co. increased its holdings in shares of Adobe by 4.1% during the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock valued at $564,000 after purchasing an additional 44 shares in the last quarter. Guinness Asset Management LTD increased its holdings in Adobe by 5.9% in the 3rd quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock worth $22,734,000 after acquiring an additional 2,499 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC boosted its stake in Adobe by 23.9% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 8,992 shares of the software company’s stock worth $4,585,000 after purchasing an additional 1,732 shares during the last quarter. 80.00% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

ADBE stock traded down $13.12 during trading hours on Monday, hitting $614.09. 1,368,071 shares of the stock traded hands, compared to its average volume of 2,506,003. Adobe Inc. has a one year low of $318.60 and a one year high of $638.25. The company has a market cap of $277.57 billion, a P/E ratio of 53.24, a P/E/G ratio of 3.30 and a beta of 1.34. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.22. The stock has a 50-day simple moving average of $603.28 and a 200 day simple moving average of $567.70.

Adobe (NASDAQ:ADBEGet Free Report) last announced its quarterly earnings data on Wednesday, December 13th. The software company reported $4.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.13 by $0.14. Adobe had a return on equity of 38.30% and a net margin of 27.97%. The firm had revenue of $5.05 billion during the quarter, compared to the consensus estimate of $5.01 billion. During the same period in the prior year, the business earned $2.78 EPS. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. Equities analysts forecast that Adobe Inc. will post 14.6 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. DA Davidson raised shares of Adobe from a “neutral” rating to a “buy” rating and boosted their price target for the company from $500.00 to $640.00 in a research report on Thursday, October 26th. Oppenheimer raised shares of Adobe from a “market perform” rating to an “outperform” rating and set a $660.00 target price on the stock in a research report on Thursday, October 26th. BMO Capital Markets upped their target price on shares of Adobe from $670.00 to $690.00 and gave the company an “outperform” rating in a research report on Friday, December 8th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $615.00 target price on shares of Adobe in a research report on Thursday, December 14th. Finally, Barclays upgraded shares of Adobe from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $680.00 to $700.00 in a research note on Monday, December 18th. One analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $613.14.

Get Our Latest Analysis on Adobe

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CAO Mark S. Garfield sold 263 shares of the company’s stock in a transaction dated Monday, December 18th. The stock was sold at an average price of $591.80, for a total transaction of $155,643.40. Following the sale, the chief accounting officer now owns 4,055 shares in the company, valued at $2,399,749. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the sale, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. Insiders sold 44,425 shares of company stock worth $26,431,673 in the last 90 days. 0.24% of the stock is owned by company insiders.

Adobe Company 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.

Recommended Stories

Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc. (NASDAQ:ADBEFree Report).

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.