Suncoast Equity Management trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 5.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 79,316 shares of the software company’s stock after selling 4,507 shares during the quarter. Adobe accounts for about 6.8% of Suncoast Equity Management’s holdings, making the stock its 3rd largest position. Suncoast Equity Management’s holdings in Adobe were worth $38,899,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. BTC Capital Management Inc. increased its position in shares of Adobe by 1.7% during the third quarter. BTC Capital Management Inc. now owns 17,789 shares of the software company’s stock valued at $8,723,000 after acquiring an additional 299 shares during the last quarter. Aviance Capital Partners LLC increased its position in shares of Adobe by 191.4% during the second quarter. Aviance Capital Partners LLC now owns 25,888 shares of the software company’s stock valued at $11,269,000 after acquiring an additional 17,004 shares during the last quarter. Westover Capital Advisors LLC grew its holdings in Adobe by 37.3% during the second quarter. Westover Capital Advisors LLC now owns 5,725 shares of the software company’s stock valued at $2,492,000 after purchasing an additional 1,556 shares during the period. Beaumont Financial Partners LLC grew its holdings in Adobe by 3.6% during the second quarter. Beaumont Financial Partners LLC now owns 1,470 shares of the software company’s stock valued at $640,000 after purchasing an additional 51 shares during the period. Finally, Wendell David Associates Inc. bought a new position in Adobe during the second quarter valued at $1,711,000. 84.03% of the stock is owned by institutional investors.

ADBE has been the subject of several research reports. Credit Suisse Group set a $560.00 price objective on Adobe and gave the company an “outperform” rating in a report on Wednesday, September 16th. Oppenheimer increased their price objective on Adobe from $430.00 to $550.00 and gave the company an “outperform” rating in a report on Wednesday, September 16th. Bank of America increased their price objective on Adobe from $440.00 to $570.00 and gave the company a “buy” rating in a report on Wednesday, September 16th. Sanford C. Bernstein reissued a “buy” rating and set a $562.00 price objective on shares of Adobe in a report on Wednesday, September 16th. Finally, Stifel Nicolaus increased their price objective on Adobe from $426.00 to $550.00 and gave the company a “buy” rating in a report on Wednesday, September 16th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty-four have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $507.10.

NASDAQ ADBE traded up $4.90 during trading hours on Friday, reaching $488.50. 1,899,599 shares of the stock traded hands, compared to its average volume of 2,258,963. The stock has a 50 day simple moving average of $487.10 and a two-hundred day simple moving average of $427.17. Adobe Inc. has a 1 year low of $255.13 and a 1 year high of $536.88. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.44 and a quick ratio of 1.44. The company has a market cap of $234.34 billion, a price-to-earnings ratio of 61.52, a price-to-earnings-growth ratio of 3.17 and a beta of 0.97.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Tuesday, September 15th. The software company reported $2.57 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.41 by $0.16. Adobe had a return on equity of 35.84% and a net margin of 31.05%. The business had revenue of $3.23 billion for the quarter, compared to the consensus estimate of $3.16 billion. During the same quarter last year, the business posted $2.05 earnings per share. The company’s revenue for the quarter was up 14.0% on a year-over-year basis. On average, sell-side analysts forecast that Adobe Inc. will post 8.23 EPS for the current fiscal year.

In other news, CEO Shantanu Narayen sold 10,000 shares of Adobe stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $438.10, for a total value of $4,381,000.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Scott Belsky sold 600 shares of Adobe stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $450.31, for a total value of $270,186.00. Following the completion of the transaction, the executive vice president now owns 11,453 shares in the company, valued at approximately $5,157,400.43. The disclosure for this sale can be found here. Insiders have sold 52,376 shares of company stock worth $24,239,528 in the last 90 days. Company insiders own 0.31% of the company’s stock.

Adobe Profile

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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