Troy Asset Management Ltd increased its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 7.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 54,045 shares of the software company's stock after purchasing an additional 3,519 shares during the quarter. Adobe accounts for 0.9% of Troy Asset Management Ltd's investment portfolio, making the stock its 27th biggest position. Troy Asset Management Ltd's holdings in Adobe were worth $27,983,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in ADBE. Sustainable Insight Capital Management LLC boosted its stake in shares of Adobe by 102.8% during the third quarter. Sustainable Insight Capital Management LLC now owns 789 shares of the software company's stock valued at $409,000 after purchasing an additional 400 shares during the period. RKL Wealth Management LLC raised its holdings in Adobe by 31.5% during the 3rd quarter. RKL Wealth Management LLC now owns 651 shares of the software company's stock valued at $337,000 after buying an additional 156 shares during the last quarter. Atria Investments Inc raised its holdings in Adobe by 6.0% during the 3rd quarter. Atria Investments Inc now owns 49,653 shares of the software company's stock valued at $25,709,000 after buying an additional 2,791 shares during the last quarter. Essex Savings Bank grew its holdings in Adobe by 1.2% in the 3rd quarter. Essex Savings Bank now owns 3,921 shares of the software company's stock worth $2,030,000 after acquiring an additional 47 shares during the last quarter. Finally, Oxbow Advisors LLC increased its position in shares of Adobe by 2.7% in the third quarter. Oxbow Advisors LLC now owns 22,241 shares of the software company's stock valued at $11,516,000 after acquiring an additional 586 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ ADBE opened at $494.68 on Friday. The firm has a market cap of $217.76 billion, a P/E ratio of 41.78, a PEG ratio of 2.60 and a beta of 1.30. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a 50 day moving average of $514.90 and a 200 day moving average of $516.42.
Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the prior year, the company posted $3.26 earnings per share. The company's quarterly revenue was up 10.6% on a year-over-year basis. As a group, research analysts expect that Adobe Inc. will post 14.82 EPS for the current fiscal year.
In related news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the transaction, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Jillian Forusz sold 676 shares of the company's stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares of the company's stock, valued at $1,316,693.55. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Daniel Durn sold 6,500 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock worth $17,736,369 over the last three months. 0.15% of the stock is currently owned by company insiders.
ADBE has been the topic of several recent analyst reports. Royal Bank of Canada reissued an "outperform" rating and issued a $610.00 target price on shares of Adobe in a research note on Tuesday, October 15th. Barclays upped their target price on Adobe from $650.00 to $675.00 and gave the company an "overweight" rating in a report on Wednesday, September 4th. Sanford C. Bernstein reduced their price objective on shares of Adobe from $660.00 to $644.00 and set an "outperform" rating on the stock in a research report on Friday, September 13th. Argus raised shares of Adobe to a "strong-buy" rating in a research report on Monday, September 16th. Finally, Citigroup boosted their price target on shares of Adobe from $550.00 to $621.00 and gave the company a "neutral" rating in a research report on Wednesday, September 11th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Adobe currently has a consensus rating of "Moderate Buy" and an average target price of $606.40.
Check Out Our Latest Stock Analysis on Adobe
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.
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