Appleton Partners Inc. MA Has $2.03 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Appleton Partners Inc. MA cut its position in shares of Adobe Inc. (NASDAQ:ADBE) by 4.9% in the third quarter, Holdings Channel reports. The institutional investor owned 3,921 shares of the software company’s stock after selling 202 shares during the period. Appleton Partners Inc. MA’s holdings in Adobe were worth $2,030,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ADBE. Steph & Co. boosted its stake in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares during the last quarter. International Assets Investment Management LLC raised its holdings in Adobe by 16.2% during the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after acquiring an additional 398 shares in the last quarter. Choreo LLC boosted its position in Adobe by 4.7% during the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after purchasing an additional 197 shares during the last quarter. Fairscale Capital LLC bought a new position in Adobe in the second quarter valued at approximately $1,318,000. Finally, Daymark Wealth Partners LLC increased its position in shares of Adobe by 89.8% during the 2nd quarter. Daymark Wealth Partners LLC now owns 9,118 shares of the software company’s stock worth $5,065,000 after purchasing an additional 4,315 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the completion of the sale, the executive vice president now owns 20,359 shares of the company’s stock, valued at $11,405,722.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the completion of the sale, the executive vice president now directly owns 20,359 shares of the company’s stock, valued at $11,405,722.57. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. The disclosure for this sale can be found here. Insiders have sold 33,759 shares of company stock valued at $17,642,653 in the last 90 days. 0.15% of the stock is currently owned by corporate insiders.

Adobe Stock Up 0.6 %

Shares of Adobe stock opened at $505.81 on Thursday. The stock’s 50-day moving average is $543.02 and its 200 day moving average is $516.45. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The firm has a market cap of $224.28 billion, a price-to-earnings ratio of 45.45, a PEG ratio of 2.72 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the business earned $3.26 EPS. Equities research analysts anticipate that Adobe Inc. will post 14.79 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Oppenheimer reissued an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $570.00 to $580.00 in a research report on Friday, June 14th. Barclays upped their target price on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Finally, UBS Group dropped their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

About 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.