Heron Financial Group LLC cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 6.8% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,307 shares of the software company’s stock after selling 168 shares during the period. Adobe accounts for about 0.9% of Heron Financial Group LLC’s investment portfolio, making the stock its 28th biggest holding. Heron Financial Group LLC’s holdings in Adobe were worth $1,122,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. BlackRock Inc. increased its stake in shares of Adobe by 4.5% in the 2nd quarter. BlackRock Inc. now owns 38,069,522 shares of the software company’s stock valued at $16,572,043,000 after purchasing an additional 1,623,749 shares during the last quarter. Bank of New York Mellon Corp grew its position in Adobe by 3.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 8,672,342 shares of the software company’s stock worth $3,775,156,000 after acquiring an additional 263,538 shares during the last quarter. Fisher Asset Management LLC grew its position in Adobe by 4.1% during the 2nd quarter. Fisher Asset Management LLC now owns 5,344,469 shares of the software company’s stock worth $2,326,501,000 after acquiring an additional 212,586 shares during the last quarter. Capital Research Global Investors grew its position in Adobe by 3.5% during the 1st quarter. Capital Research Global Investors now owns 4,581,353 shares of the software company’s stock worth $1,457,970,000 after acquiring an additional 154,604 shares during the last quarter. Finally, Invesco Ltd. grew its position in Adobe by 7.0% during the 1st quarter. Invesco Ltd. now owns 3,857,163 shares of the software company’s stock worth $1,227,505,000 after acquiring an additional 251,053 shares during the last quarter. 84.03% of the stock is owned by hedge funds and other institutional investors.

In other news, CMO Ann Lewnes sold 5,000 shares of the business’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $519.74, for a total transaction of $2,598,700.00. Following the completion of the sale, the chief marketing officer now owns 35,257 shares of the company’s stock, valued at approximately $18,324,473.18. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 600 shares of the business’s stock in a transaction on Thursday, October 15th. The shares were sold at an average price of $499.26, for a total transaction of $299,556.00. Following the sale, the executive vice president now directly owns 10,253 shares of the company’s stock, valued at approximately $5,118,912.78. The disclosure for this sale can be found here. In the last ninety days, insiders sold 75,470 shares of company stock valued at $34,289,308. 0.31% of the stock is currently owned by insiders.

NASDAQ:ADBE traded up $1.67 during trading hours on Friday, reaching $502.82. The company had a trading volume of 2,441,382 shares, compared to its average volume of 3,222,052. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.35. Adobe Inc. has a 52 week low of $255.13 and a 52 week high of $536.88. The firm has a market cap of $241.21 billion, a price-to-earnings ratio of 63.33, a PEG ratio of 3.89 and a beta of 0.97. The firm’s 50 day moving average price is $490.24 and its 200-day moving average price is $420.66.

Adobe (NASDAQ:ADBE) last posted its earnings results on Tuesday, September 15th. The software company reported $2.57 EPS for the quarter, topping analysts’ consensus estimates of $2.41 by $0.16. Adobe had a net margin of 31.05% and a return on equity of 35.84%. The business had revenue of $3.23 billion during the quarter, compared to the consensus estimate of $3.16 billion. During the same quarter in the previous year, the firm posted $2.05 EPS. The firm’s revenue was up 14.0% on a year-over-year basis. On average, analysts forecast that Adobe Inc. will post 8.2 earnings per share for the current fiscal year.

ADBE has been the topic of a number of research reports. Credit Suisse Group set a $560.00 price objective on Adobe and gave the stock an “outperform” rating in a research report on Wednesday, September 16th. Goldman Sachs Group lifted their target price on Adobe from $460.00 to $520.00 and gave the stock a “neutral” rating in a report on Wednesday, September 16th. Oppenheimer lifted their target price on Adobe from $430.00 to $550.00 and gave the stock an “outperform” rating in a report on Wednesday, September 16th. Wells Fargo & Company lifted their target price on Adobe from $375.00 to $500.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 16th. Finally, R. F. Lafferty lifted their target price on Adobe from $550.00 to $570.00 and gave the stock a “buy” rating in a report on Wednesday, September 16th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty-four have issued a buy rating to the company’s stock. Adobe currently has an average rating of “Buy” and a consensus target price of $507.10.

About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, 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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