Adobe Inc. (NASDAQ:ADBE) Stock Position Decreased by Bank of Montreal Can

Bank of Montreal Can trimmed its holdings in Adobe Inc. (NASDAQ:ADBE) by 7.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,387,997 shares of the software company’s stock after selling 110,983 shares during the period. Bank of Montreal Can’s holdings in Adobe were worth $715,485,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Piscataqua Savings Bank boosted its position in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the period. MidAtlantic Capital Management Inc. acquired a new position in Adobe in the 3rd quarter valued at $30,000. Summit Securities Group LLC acquired a new position in Adobe during the 2nd quarter worth $33,000. Briaud Financial Planning Inc acquired a new stake in shares of Adobe in the third quarter valued at about $36,000. Finally, Highline Wealth Partners LLC bought a new position in shares of Adobe in the third quarter worth about $38,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have commented on ADBE. Barclays lifted their price target on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Bank of America restated a “buy” rating and set a $640.00 price objective on shares of Adobe in a report on Friday, September 13th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Oppenheimer reissued an “outperform” rating and set a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Finally, Morgan Stanley restated an “overweight” rating and issued a $660.00 target price on shares of Adobe in a research note on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Performance

Shares of ADBE stock traded up $5.84 during trading on Monday, reaching $517.99. 447,575 shares of the company’s stock were exchanged, compared to its average volume of 3,135,579. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The firm’s fifty day moving average price is $503.13 and its 200-day moving average price is $519.25. 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 stock has a market capitalization of $228.02 billion, a PE ratio of 43.26, a PEG ratio of 2.64 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the company earned $3.26 earnings per share. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.82 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction dated 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 sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This trade represents a 23.78 % 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. Insiders own 0.15% of the company’s stock.

Adobe Company Profile

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.