Stokes Capital Advisors LLC Sells 212 Shares of Adobe Inc. (NASDAQ:ADBE)

Stokes Capital Advisors LLC lessened its position in Adobe Inc. (NASDAQ:ADBE) by 19.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 904 shares of the software company’s stock after selling 212 shares during the period. Stokes Capital Advisors LLC’s holdings in Adobe were worth $443,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. BTC Capital Management Inc. increased its holdings in shares of Adobe by 1.7% during the 3rd quarter. BTC Capital Management Inc. now owns 17,789 shares of the software company’s stock valued at $8,723,000 after purchasing an additional 299 shares in the last quarter. Aviance Capital Partners LLC grew its stake in shares of Adobe by 191.4% in the second quarter. Aviance Capital Partners LLC now owns 25,888 shares of the software company’s stock worth $11,269,000 after purchasing an additional 17,004 shares during the last quarter. Westover Capital Advisors LLC grew its stake in shares of Adobe by 37.3% in the second quarter. Westover Capital Advisors LLC now owns 5,725 shares of the software company’s stock worth $2,492,000 after purchasing an additional 1,556 shares during the last quarter. Beaumont Financial Partners LLC grew its stake in shares of Adobe by 3.6% in the second quarter. Beaumont Financial Partners LLC now owns 1,470 shares of the software company’s stock worth $640,000 after purchasing an additional 51 shares during the last quarter. Finally, Wexford Capital LP bought a new stake in Adobe during the first quarter valued at $85,000. 84.03% of the stock is currently owned by institutional investors and hedge funds.

A number of analysts have commented on the stock. Stifel Nicolaus upped their price target on shares of Adobe from $426.00 to $550.00 and gave the company a “buy” rating in a research report on Wednesday, September 16th. Jefferies Financial Group upped their price target on shares of Adobe from $570.00 to $600.00 and gave the company a “buy” rating in a research report on Wednesday, September 16th. R. F. Lafferty upped their price target on shares of Adobe from $550.00 to $570.00 and gave the company a “buy” rating in a research report on Wednesday, September 16th. Credit Suisse Group set a $560.00 price target on shares of Adobe and gave the company an “outperform” rating in a research report on Wednesday, September 16th. Finally, Sanford C. Bernstein reiterated a “buy” rating and set a $562.00 price objective on shares of Adobe in a report on Wednesday, September 16th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty-four have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $507.10.

In other news, CMO Ann Lewnes sold 5,000 shares of the stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $519.74, for a total transaction of $2,598,700.00. Following the completion of the transaction, the chief marketing officer now directly owns 35,257 shares of the company’s stock, valued at approximately $18,324,473.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Bryan Lamkin sold 13,095 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $477.15, for a total transaction of $6,248,279.25. Following the transaction, the executive vice president now directly owns 84,774 shares of the company’s stock, valued at $40,449,914.10. The disclosure for this sale can be found here. Insiders have sold a total of 75,470 shares of company stock valued at $34,289,308 over the last three months. Insiders own 0.31% of the company’s stock.

Shares of ADBE stock opened at $502.82 on Friday. Adobe Inc. has a 52-week low of $255.13 and a 52-week high of $536.88. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.44 and a current ratio of 1.44. The company has a 50-day simple moving average of $490.24 and a two-hundred day simple moving average of $420.66. The company has a market capitalization of $241.21 billion, a price-to-earnings ratio of 63.33, a PEG ratio of 3.89 and a beta of 0.97.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Tuesday, September 15th. The software company reported $2.57 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.41 by $0.16. Adobe had a net margin of 31.05% and a return on equity of 35.84%. The business had revenue of $3.23 billion during the quarter, compared to the consensus estimate of $3.16 billion. During the same period in the prior year, the firm posted $2.05 EPS. The firm’s quarterly revenue was up 14.0% compared to the same quarter last year. On average, sell-side analysts forecast that Adobe Inc. will post 8.2 EPS for the current fiscal year.

About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, 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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