Stifel Financial Corp Boosts Position in Adobe Inc. (NASDAQ:ADBE)

Stifel Financial Corp boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 762,551 shares of the software company’s stock after purchasing an additional 14,962 shares during the quarter. Stifel Financial Corp owned approximately 0.17% of Adobe worth $394,834,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. FMR LLC raised its holdings in shares of Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after acquiring an additional 787,356 shares during the last quarter. Fisher Asset Management LLC increased its stake in Adobe by 2.0% in the third quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock valued at $2,516,196,000 after purchasing an additional 93,143 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Adobe by 3.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock valued at $2,455,079,000 after purchasing an additional 140,390 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Adobe by 0.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,716,451 shares of the software company’s stock valued at $1,406,524,000 after purchasing an additional 21,444 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in Adobe by 0.6% during the second quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock worth $1,097,475,000 after acquiring an additional 12,065 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several research analyst reports. Oppenheimer restated an “outperform” rating and set a $625.00 price target on shares of Adobe in a research note on Friday, September 13th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Stifel Nicolaus upped their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research report on Tuesday, October 15th. Finally, Citigroup upped their target price on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus price target of $601.25.

Adobe Stock Up 3.9 %

ADBE opened at $536.49 on Thursday. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market cap of $236.16 billion, a P/E ratio of 45.31, a P/E/G ratio of 2.35 and a beta of 1.29. The stock’s 50 day moving average price is $502.99 and its 200 day moving average price is $521.07.

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

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock worth $17,736,369 in the last three months. 0.15% of the stock is owned by company insiders.

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.