Fiduciary Trust Co Has $14.34 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Fiduciary Trust Co raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 27,690 shares of the software company’s stock after purchasing an additional 1,148 shares during the period. Fiduciary Trust Co’s holdings in Adobe were worth $14,337,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. International Assets Investment Management LLC raised its holdings in Adobe by 66,909.7% in the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after purchasing an additional 1,376,333 shares during the period. Longview Partners Guernsey LTD acquired a new stake in Adobe during the 2nd quarter worth $663,745,000. FMR LLC lifted its holdings in Adobe by 8.8% during the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after acquiring an additional 787,356 shares in the last quarter. Liberty Wealth Management LLC grew its stake in Adobe by 55,496.6% in the second quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock valued at $318,127,000 after acquiring an additional 571,615 shares during the period. Finally, Mercer Global Advisors Inc. ADV increased its holdings in shares of Adobe by 982.4% in the second quarter. Mercer Global Advisors Inc. ADV now owns 541,670 shares of the software company’s stock worth $300,919,000 after acquiring an additional 491,627 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ADBE. Oppenheimer reiterated an “outperform” rating and set a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. UBS Group dropped their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Morgan Stanley reaffirmed an “overweight” rating and issued a $660.00 target price on shares of Adobe in a research note on Friday, September 13th. Finally, Stifel Nicolaus lifted their target price on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Stock Down 2.2 %

Shares of ADBE opened at $513.68 on Thursday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $226.12 billion, a PE ratio of 43.39, a P/E/G ratio of 2.67 and a beta of 1.30. The firm’s 50 day moving average is $503.39 and its 200-day moving average is $519.76. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (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 company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period in the prior year, the firm posted $3.26 EPS. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. Equities research analysts forecast that Adobe Inc. will post 14.82 EPS for the current year.

Insider Transactions at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The trade was a 23.78 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,187 shares of company stock valued at $17,736,369. Company insiders own 0.15% of the company’s stock.

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.