First Republic Investment Management Inc. lowered its position in shares of Adobe Inc (NASDAQ:ADBE) by 6.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 319,933 shares of the software company’s stock after selling 21,972 shares during the quarter. First Republic Investment Management Inc. owned approximately 0.07% of Adobe worth $86,365,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Psagot Investment House Ltd. bought a new stake in shares of Adobe during the third quarter worth $130,000. JNBA Financial Advisors increased its holdings in Adobe by 4,366.7% in the third quarter. JNBA Financial Advisors now owns 536 shares of the software company’s stock valued at $145,000 after purchasing an additional 524 shares during the last quarter. Centaurus Financial Inc. bought a new stake in Adobe in the second quarter valued at about $170,000. Golub Group LLC bought a new stake in Adobe in the third quarter valued at about $202,000. Finally, Sunesis Advisors LLC bought a new stake in Adobe in the third quarter valued at about $204,000. Institutional investors own 85.02% of the company’s stock.

NASDAQ:ADBE opened at $245.82 on Wednesday. Adobe Inc has a 1 year low of $165.68 and a 1 year high of $277.61. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.21. The stock has a market capitalization of $122.47 billion, a price-to-earnings ratio of 68.47, a price-to-earnings-growth ratio of 2.75 and a beta of 1.14.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 13th. The software company reported $1.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.69 by $0.04. Adobe had a return on equity of 29.51% and a net margin of 28.16%. The firm had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.25 billion. During the same period in the previous year, the firm earned $1.10 earnings per share. The company’s revenue was up 24.4% on a year-over-year basis. As a group, equities research analysts anticipate that Adobe Inc will post 5.66 earnings per share for the current year.

ADBE has been the subject of a number of recent analyst reports. Jefferies Financial Group upped their price objective on Adobe to $315.00 and gave the company a “buy” rating in a report on Friday, September 14th. Citigroup upped their price objective on Adobe from $260.00 to $309.00 and gave the company a “buy” rating in a report on Friday, September 14th. Griffin Securities upped their price objective on Adobe from $278.00 to $296.00 and gave the company a “buy” rating in a report on Friday, September 14th. Stifel Nicolaus upped their price objective on Adobe from $275.00 to $325.00 and gave the company a “buy” rating in a report on Friday, September 14th. Finally, KeyCorp reiterated a “buy” rating and issued a $286.00 price objective (up previously from $276.00) on shares of Adobe in a report on Friday, September 14th. Eleven research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company’s stock. Adobe has a consensus rating of “Buy” and a consensus price target of $271.00.

In other news, EVP Ann Lewnes sold 2,941 shares of the company’s stock in a transaction dated Wednesday, September 19th. The stock was sold at an average price of $271.14, for a total transaction of $797,422.74. Following the completion of the transaction, the executive vice president now directly owns 58,557 shares of the company’s stock, valued at $15,877,144.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Bradley Rencher sold 12,000 shares of the company’s stock in a transaction dated Thursday, November 1st. The stock was sold at an average price of $245.30, for a total value of $2,943,600.00. Following the transaction, the executive vice president now directly owns 68,071 shares of the company’s stock, valued at $16,697,816.30. The disclosure for this sale can be found here. Over the last three months, insiders sold 20,806 shares of company stock valued at $5,167,142. Insiders own 0.33% of the company’s stock.

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Adobe 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 customers to download and install the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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