Huntington National Bank grew its stake in Adobe Inc (NASDAQ:ADBE) by 2.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,150 shares of the software company’s stock after acquiring an additional 733 shares during the period. Huntington National Bank’s holdings in Adobe were worth $11,384,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Guggenheim Capital LLC lifted its position in shares of Adobe by 2.3% in the 4th quarter. Guggenheim Capital LLC now owns 204,252 shares of the software company’s stock worth $67,364,000 after purchasing an additional 4,539 shares during the period. Macquarie Group Ltd. raised its stake in Adobe by 57.4% during the fourth quarter. Macquarie Group Ltd. now owns 225,588 shares of the software company’s stock worth $74,402,000 after purchasing an additional 82,257 shares during the period. Lenox Wealth Advisors LLC raised its stake in Adobe by 17.6% during the first quarter. Lenox Wealth Advisors LLC now owns 334 shares of the software company’s stock worth $106,000 after purchasing an additional 50 shares during the period. Global Trust Asset Management LLC raised its stake in Adobe by 113.8% during the first quarter. Global Trust Asset Management LLC now owns 1,409 shares of the software company’s stock worth $449,000 after purchasing an additional 750 shares during the period. Finally, Chemung Canal Trust Co. raised its stake in Adobe by 4.2% during the first quarter. Chemung Canal Trust Co. now owns 26,100 shares of the software company’s stock worth $8,306,000 after purchasing an additional 1,042 shares during the period. Institutional investors and hedge funds own 84.20% of the company’s stock.

Shares of Adobe stock traded up $5.44 during mid-day trading on Friday, hitting $444.32. 2,035,254 shares of the stock were exchanged, compared to its average volume of 2,376,558. Adobe Inc has a twelve month low of $255.13 and a twelve month high of $470.61. The stock has a market capitalization of $213.13 billion, a price-to-earnings ratio of 58.62, a price-to-earnings-growth ratio of 3.41 and a beta of 0.93. The company has a 50-day simple moving average of $434.17 and a 200 day simple moving average of $370.59. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.38.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, June 11th. The software company reported $2.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.33 by $0.12. Adobe had a net margin of 30.72% and a return on equity of 35.53%. The company had revenue of $3.13 billion for the quarter, compared to analysts’ expectations of $3.16 billion. During the same period last year, the company earned $1.83 EPS. The firm’s revenue for the quarter was up 14.1% compared to the same quarter last year. Equities research analysts forecast that Adobe Inc will post 8.05 earnings per share for the current fiscal year.

A number of equities analysts have commented on the stock. UBS Group lifted their target price on shares of Adobe from $344.00 to $450.00 and gave the stock a “buy” rating in a research note on Monday, June 8th. Goldman Sachs Group boosted their price target on shares of Adobe from $350.00 to $460.00 and gave the company a “neutral” rating in a research note on Wednesday, June 24th. They noted that the move was a valuation call. Credit Suisse Group lifted their price objective on shares of Adobe from $415.00 to $425.00 and gave the company an “outperform” rating in a report on Friday, June 12th. Jefferies Financial Group lifted their price objective on shares of Adobe from $450.00 to $470.00 and gave the company a “buy” rating in a report on Friday, June 12th. Finally, Argus boosted their price target on shares of Adobe from $368.00 to $474.00 and gave the stock a “buy” rating in a report on Monday, June 15th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $407.43.

In related news, EVP Bryan Lamkin sold 13,094 shares of the stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $427.66, for a total transaction of $5,599,780.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Ann Lewnes sold 5,000 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $385.52, for a total value of $1,927,600.00. Following the transaction, the chief marketing officer now owns 49,874 shares of the company’s stock, valued at $19,227,424.48. The disclosure for this sale can be found here. Insiders sold 73,316 shares of company stock valued at $31,271,310 over the last 90 days. Corporate insiders own 0.31% of the company’s stock.

Adobe Company 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 customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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