Progressive Investment Management Corp Cuts Position in Adobe Inc. (NASDAQ:ADBE)

Progressive Investment Management Corp trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,247 shares of the software company’s stock after selling 157 shares during the period. Adobe makes up approximately 1.5% of Progressive Investment Management Corp’s holdings, making the stock its 23rd biggest holding. Progressive Investment Management Corp’s holdings in Adobe were worth $5,823,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Piscataqua Savings Bank lifted its position in 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 buying an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new stake in shares of Adobe in the 3rd quarter worth about $30,000. Summit Securities Group LLC purchased a new position in shares of Adobe during the 2nd quarter worth about $33,000. Briaud Financial Planning Inc bought a new position in Adobe during the 3rd quarter valued at about $36,000. Finally, Highline Wealth Partners LLC purchased a new stake in Adobe in the 3rd quarter worth about $38,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. This represents a 6.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock valued at $17,736,369 in the last quarter. Corporate insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on ADBE shares. Oppenheimer reaffirmed an “outperform” rating and set a $625.00 target price on shares of Adobe in a research note on Friday, September 13th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Bank of America reissued a “buy” rating and set a $640.00 target price on shares of Adobe in a research note on Friday, September 13th. Stifel Nicolaus lifted their price objective on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. Finally, Citigroup upped their target price on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Up 0.9 %

ADBE opened at $504.08 on Wednesday. The company has a 50-day moving average price of $506.89 and a 200 day moving average price of $518.95. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a market cap of $221.90 billion, a PE ratio of 42.20, a price-to-earnings-growth ratio of 2.59 and a beta of 1.30. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period last year, the business posted $3.26 EPS. Sell-side analysts expect that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Adobe Company Profile

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.