Chevy Chase Trust Holdings LLC Has $79.22 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Chevy Chase Trust Holdings LLC increased its stake in shares of Adobe Inc. (NASDAQ:ADBEGet Rating) by 0.1% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 287,872 shares of the software company’s stock after acquiring an additional 166 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Adobe were worth $79,223,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADBE. Grayhawk Investment Strategies Inc. bought a new position in shares of Adobe during the 2nd quarter worth approximately $25,000. Financial Enhancement Group LLC increased its position in Adobe by 338.1% during the third quarter. Financial Enhancement Group LLC now owns 92 shares of the software company’s stock worth $25,000 after buying an additional 71 shares during the last quarter. Better Money Decisions LLC acquired a new position in Adobe during the second quarter worth approximately $29,000. Tortoise Investment Management LLC grew its position in shares of Adobe by 123.7% in the second quarter. Tortoise Investment Management LLC now owns 85 shares of the software company’s stock valued at $31,000 after purchasing an additional 47 shares during the last quarter. Finally, Urban Wealth Management LLC acquired a new position in shares of Adobe in the second quarter valued at approximately $33,000. Institutional investors and hedge funds own 79.36% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of several recent analyst reports. Wells Fargo & Company upped their target price on Adobe from $310.00 to $340.00 in a research note on Wednesday, December 14th. Citigroup increased their price objective on Adobe from $337.00 to $355.00 and gave the company a “neutral” rating in a report on Monday, December 19th. BMO Capital Markets increased their price target on Adobe from $332.00 to $390.00 and gave the stock a “market perform” rating in a report on Friday, December 16th. Evercore ISI raised their target price on Adobe from $350.00 to $425.00 in a research note on Friday, December 16th. Finally, Morgan Stanley raised their price target on shares of Adobe from $337.00 to $382.00 and gave the company an “equal weight” rating in a research report on Friday, December 16th. Sixteen analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Adobe currently has a consensus rating of “Hold” and an average price target of $412.81.

Insiders Place Their Bets

In related news, EVP Dana Rao sold 5,018 shares of the business’s stock in a transaction dated Tuesday, December 20th. The shares were sold at an average price of $336.93, for a total value of $1,690,714.74. Following the sale, the executive vice president now directly owns 14,832 shares in the company, valued at approximately $4,997,345.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Adobe news, CAO Mark S. Garfield sold 132 shares of Adobe stock in a transaction on Monday, December 19th. The shares were sold at an average price of $338.00, for a total value of $44,616.00. Following the completion of the transaction, the chief accounting officer now owns 3,271 shares of the company’s stock, valued at $1,105,598. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Dana Rao sold 5,018 shares of the stock in a transaction that occurred on Tuesday, December 20th. The stock was sold at an average price of $336.93, for a total value of $1,690,714.74. Following the completion of the transaction, the executive vice president now directly owns 14,832 shares of the company’s stock, valued at $4,997,345.76. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 23,150 shares of company stock worth $7,960,211. Corporate insiders own 0.23% of the company’s stock.

Adobe Trading Down 1.0 %

Shares of ADBE stock opened at $361.32 on Wednesday. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market cap of $165.41 billion, a PE ratio of 35.77, a price-to-earnings-growth ratio of 2.27 and a beta of 1.24. The company has a 50-day moving average of $337.96 and a two-hundred day moving average of $347.49. Adobe Inc. has a 1-year low of $274.73 and a 1-year high of $540.46.

Adobe (NASDAQ:ADBEGet Rating) last issued its quarterly earnings results on Thursday, December 15th. The software company reported $2.78 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $2.78. The company had revenue of $4.53 billion during the quarter, compared to the consensus estimate of $4.52 billion. Adobe had a net margin of 27.01% and a return on equity of 36.74%. On average, analysts predict that Adobe Inc. will post 12.18 EPS for the current year.

Adobe Profile

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Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

Further Reading

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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