Adobe Inc (ADBE) Shares Sold by WEALTHFRONT Corp

WEALTHFRONT Corp lessened its position in Adobe Inc (NASDAQ:ADBE) by 2.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 12,562 shares of the software company’s stock after selling 334 shares during the quarter. WEALTHFRONT Corp’s holdings in Adobe were worth $3,391,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. Utah Retirement Systems increased its holdings in shares of Adobe by 0.3% in the 3rd quarter. Utah Retirement Systems now owns 91,422 shares of the software company’s stock valued at $24,679,000 after acquiring an additional 300 shares during the last quarter. Highbridge Capital Management LLC boosted its position in shares of Adobe by 76.1% in the 3rd quarter. Highbridge Capital Management LLC now owns 20,267 shares of the software company’s stock valued at $5,472,000 after purchasing an additional 8,756 shares during the period. Bronfman E.L. Rothschild L.P. boosted its position in shares of Adobe by 9.1% in the 3rd quarter. Bronfman E.L. Rothschild L.P. now owns 4,679 shares of the software company’s stock valued at $1,263,000 after purchasing an additional 391 shares during the period. Wealthsource Partners LLC acquired a new stake in shares of Adobe in the 3rd quarter valued at about $283,000. Finally, Fairfield Bush & CO. acquired a new stake in shares of Adobe in the 3rd quarter valued at about $1,541,000. Hedge funds and other institutional investors own 85.02% of the company’s stock.

Adobe stock opened at $241.91 on Thursday. Adobe Inc has a twelve month low of $165.68 and a twelve month high of $277.61. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.21. The company has a market cap of $119.99 billion, a price-to-earnings ratio of 67.38, a P/E/G ratio of 2.28 and a beta of 1.14.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 13th. The software company reported $1.73 earnings per share for the quarter, topping analysts’ consensus estimates of $1.69 by $0.04. Adobe had a return on equity of 29.51% and a net margin of 28.16%. The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.25 billion. During the same period last year, the firm earned $1.10 EPS. The firm’s revenue for the quarter was up 24.4% on a year-over-year basis. As a group, research analysts forecast that Adobe Inc will post 5.66 EPS for the current year.

A number of brokerages recently issued reports on ADBE. Barclays upped their target price on Adobe to $297.00 and gave the company an “overweight” rating in a research report on Wednesday, September 12th. Credit Suisse Group upped their target price on Adobe from $275.00 to $300.00 and gave the company an “outperform” rating in a research report on Friday, September 14th. KeyCorp reissued a “buy” rating and issued a $286.00 target price (up from $276.00) on shares of Adobe in a research report on Friday, September 14th. Zacks Investment Research raised Adobe from a “hold” rating to a “buy” rating and set a $260.00 target price for the company in a research report on Tuesday, November 27th. Finally, BidaskClub raised Adobe from a “hold” rating to a “buy” rating in a research report on Saturday, August 25th. Ten research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $271.90.

In other news, EVP Bradley Rencher sold 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 1st. The stock was sold at an average price of $245.30, for a total value of $2,943,600.00. Following the completion of the sale, the executive vice president now directly owns 68,071 shares of the company’s stock, valued at approximately $16,697,816.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Ann Lewnes sold 2,910 shares of the firm’s stock in a transaction that occurred on Wednesday, October 17th. The shares were sold at an average price of $261.21, for a total value of $760,121.10. Following the completion of the sale, the executive vice president now directly owns 55,647 shares of the company’s stock, valued at $14,535,552.87. The disclosure for this sale can be found here. Insiders have sold a total of 20,806 shares of company stock valued at $5,167,142 over the last ninety days. 0.33% of the stock is owned by insiders.

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Adobe 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 customers to download and install the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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