Adobe Inc. (NASDAQ:ADBE) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company cut its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.9% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 330,118 shares of the software company’s stock after selling 6,392 shares during the period. The Manufacturers Life Insurance Company’s holdings in Adobe were worth $170,925,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ADBE. Argus raised Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Stifel Nicolaus lifted their price objective on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research report on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $606.40.

Insider Buying and Selling

In other Adobe news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 23.78 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is currently owned by corporate insiders.

Adobe Trading Up 1.3 %

NASDAQ:ADBE opened at $525.30 on Wednesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The business’s 50-day simple moving average is $503.28 and its 200 day simple moving average is $519.80. The stock has a market cap of $231.24 billion, a price-to-earnings ratio of 44.37, a price-to-earnings-growth ratio of 2.64 and a beta of 1.30.

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

About Adobe

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.