Folger Nolan Fleming Douglas Capital Management Inc. Grows Stake in Adobe Inc. (NASDAQ:ADBE)

Folger Nolan Fleming Douglas Capital Management Inc. grew its position in shares of Adobe Inc. (NASDAQ:ADBEGet Rating) by 1.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,882 shares of the software company’s stock after purchasing an additional 180 shares during the period. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in Adobe were worth $5,448,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Clearstead Advisors LLC grew its position in Adobe by 8.3% in the fourth quarter. Clearstead Advisors LLC now owns 4,257 shares of the software company’s stock worth $2,414,000 after acquiring an additional 326 shares in the last quarter. ETF Managers Group LLC grew its position in Adobe by 4.8% in the fourth quarter. ETF Managers Group LLC now owns 1,433 shares of the software company’s stock worth $818,000 after acquiring an additional 66 shares in the last quarter. Gordian Capital Singapore Pte Ltd purchased a new position in Adobe in the fourth quarter worth $261,000. Unigestion Holding SA grew its position in Adobe by 161.6% in the fourth quarter. Unigestion Holding SA now owns 24,089 shares of the software company’s stock worth $13,659,000 after acquiring an additional 14,880 shares in the last quarter. Finally, IHT Wealth Management LLC grew its position in Adobe by 1.6% in the fourth quarter. IHT Wealth Management LLC now owns 2,153 shares of the software company’s stock worth $1,221,000 after acquiring an additional 34 shares in the last quarter. 80.75% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 132 shares of the company’s stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $409.75, for a total value of $54,087.00. Following the sale, the chief accounting officer now owns 2,465 shares in the company, valued at $1,010,033.75. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, EVP Scott Belsky sold 2,711 shares of the stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $393.58, for a total transaction of $1,066,995.38. Following the sale, the executive vice president now owns 26,089 shares in the company, valued at $10,268,108.62. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Mark S. Garfield sold 132 shares of the stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $409.75, for a total transaction of $54,087.00. Following the sale, the chief accounting officer now owns 2,465 shares in the company, valued at approximately $1,010,033.75. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,769 shares of company stock worth $1,477,562. 0.23% of the stock is currently owned by company insiders.

Adobe Stock Down 1.5 %

ADBE traded down $4.30 during midday trading on Friday, reaching $282.76. The company’s stock had a trading volume of 148,248 shares, compared to its average volume of 5,011,590. The firm has a market capitalization of $132.33 billion, a price-to-earnings ratio of 28.02, a PEG ratio of 1.92 and a beta of 1.14. The company has a current ratio of 1.14, a quick ratio of 1.07 and a debt-to-equity ratio of 0.25. Adobe Inc. has a 1 year low of $280.06 and a 1 year high of $699.54. The stock’s 50-day moving average is $389.95 and its 200-day moving average is $403.64.

Adobe (NASDAQ:ADBEGet Rating) last announced its quarterly earnings data on Thursday, September 15th. The software company reported $3.40 earnings per share for the quarter, topping analysts’ consensus estimates of $3.33 by $0.07. The business had revenue of $4.43 billion for the quarter, compared to analysts’ expectations of $4.44 billion. Adobe had a net margin of 28.00% and a return on equity of 36.49%. The business’s revenue was up 12.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.65 earnings per share. As a group, research analysts expect that Adobe Inc. will post 11.1 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on ADBE. Evercore ISI cut their target price on shares of Adobe from $475.00 to $350.00 and set an “outperform” rating for the company in a research report on Friday, September 16th. Wells Fargo & Company downgraded shares of Adobe from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $425.00 to $310.00 in a research note on Monday. Wolfe Research lowered their price target on shares of Adobe from $470.00 to $340.00 and set an “outperform” rating for the company in a research note on Friday, September 16th. BMO Capital Markets lowered their price target on shares of Adobe from $435.00 to $345.00 in a research note on Friday, September 16th. Finally, Royal Bank of Canada lowered their price target on shares of Adobe from $500.00 to $425.00 and set an “outperform” rating for the company in a research note on Friday, September 16th. Sixteen research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $427.11.

Adobe Profile

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Adobe Inc 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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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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