Adobe Inc (NASDAQ:ADBE) is Hudson Valley Investment Advisors Inc. ADV’s 9th Largest Position

Hudson Valley Investment Advisors Inc. ADV increased its stake in shares of Adobe Inc (NASDAQ:ADBE) by 1.1% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 30,704 shares of the software company’s stock after buying an additional 344 shares during the period. Adobe comprises about 2.0% of Hudson Valley Investment Advisors Inc. ADV’s holdings, making the stock its 9th biggest position. Hudson Valley Investment Advisors Inc. ADV’s holdings in Adobe were worth $8,482,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ADBE. NEXT Financial Group Inc increased its stake in shares of Adobe by 17.9% in the third quarter. NEXT Financial Group Inc now owns 4,797 shares of the software company’s stock worth $1,325,000 after purchasing an additional 729 shares in the last quarter. Tompkins Financial Corp increased its stake in shares of Adobe by 37.0% in the third quarter. Tompkins Financial Corp now owns 870 shares of the software company’s stock worth $240,000 after purchasing an additional 235 shares in the last quarter. Argus Investors Counsel Inc. increased its stake in shares of Adobe by 977.4% in the third quarter. Argus Investors Counsel Inc. now owns 15,224 shares of the software company’s stock worth $4,206,000 after purchasing an additional 13,811 shares in the last quarter. Wedbush Securities Inc. increased its stake in shares of Adobe by 3.8% in the third quarter. Wedbush Securities Inc. now owns 17,167 shares of the software company’s stock worth $4,742,000 after purchasing an additional 628 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its stake in shares of Adobe by 6.6% in the third quarter. Envestnet Asset Management Inc. now owns 450,529 shares of the software company’s stock worth $124,459,000 after purchasing an additional 27,926 shares in the last quarter. Institutional investors and hedge funds own 86.37% of the company’s stock.

In other Adobe news, EVP Dana Rao sold 2,832 shares of Adobe stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $303.36, for a total transaction of $859,115.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ann Lewnes sold 3,000 shares of Adobe stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $289.32, for a total transaction of $867,960.00. Following the sale, the executive vice president now owns 55,198 shares of the company’s stock, valued at $15,969,885.36. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,832 shares of company stock valued at $3,359,226. 0.32% of the stock is currently owned by company insiders.

Several research firms have recently weighed in on ADBE. Royal Bank of Canada reduced their target price on shares of Adobe from $320.00 to $315.00 and set an “outperform” rating for the company in a research note on Wednesday, September 18th. Stifel Nicolaus reiterated a “neutral” rating and issued a $325.00 target price on shares of Adobe in a research note on Wednesday, September 18th. Stephens set a $327.00 target price on shares of Adobe and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Canaccord Genuity set a $320.00 target price on shares of Adobe and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $310.00 target price (down previously from $315.00) on shares of Adobe in a research note on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and thirteen have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $301.46.

Shares of Adobe stock opened at $265.52 on Friday. Adobe Inc has a 1 year low of $204.95 and a 1 year high of $313.11. The firm has a market cap of $130.33 billion, a PE ratio of 47.84, a PEG ratio of 2.59 and a beta of 1.09. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.74 and a quick ratio of 0.74. The company has a 50 day simple moving average of $278.16 and a two-hundred day simple moving average of $283.92.

Adobe (NASDAQ:ADBE) last announced its earnings results on Tuesday, September 17th. The software company reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.97 by $0.08. Adobe had a net margin of 26.10% and a return on equity of 30.49%. The business had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.82 billion. During the same period in the previous year, the business posted $1.73 earnings per share. Adobe’s revenue for the quarter was up 23.7% on a year-over-year basis. As a group, research analysts anticipate that Adobe Inc will post 6.39 earnings per share for the current year.

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 customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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