Connable Office Inc. Buys 20 Shares of Adobe Inc. (NASDAQ:ADBE)

Connable Office Inc. increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 0.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,732 shares of the software company’s stock after purchasing an additional 20 shares during the quarter. Connable Office Inc.’s holdings in Adobe were worth $1,932,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in ADBE. GAMMA Investing LLC boosted its holdings in shares of Adobe by 28.0% during the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after acquiring an additional 1,412 shares in the last quarter. Hemenway Trust Co LLC raised its position in Adobe by 53.1% in the third quarter. Hemenway Trust Co LLC now owns 10,202 shares of the software company’s stock valued at $5,282,000 after purchasing an additional 3,539 shares during the last quarter. Crestwood Advisors Group LLC boosted its stake in shares of Adobe by 1.0% during the third quarter. Crestwood Advisors Group LLC now owns 149,968 shares of the software company’s stock valued at $77,650,000 after purchasing an additional 1,464 shares in the last quarter. Anchor Investment Management LLC grew its holdings in shares of Adobe by 9.8% during the second quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock worth $8,892,000 after purchasing an additional 1,430 shares during the last quarter. Finally, Fairscale Capital LLC acquired a new position in shares of Adobe in the second quarter valued at approximately $1,318,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Scott Belsky sold 481 shares of the stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 34,187 shares of company stock valued at $17,736,369. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on ADBE shares. Bank of America reiterated a “buy” rating and set a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. Oppenheimer reissued an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a research note on Friday, September 13th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 target price on shares of Adobe in a report on Friday, September 13th. Finally, Barclays increased their price target on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Stock Performance

NASDAQ ADBE opened at $529.87 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a fifty day simple moving average of $511.75 and a 200 day simple moving average of $517.67. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a market cap of $233.25 billion, a P/E ratio of 44.75, a PEG ratio of 2.74 and a beta of 1.30.

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

About Adobe

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.