Rockland Trust Co. lowered its stake in shares of Adobe Inc (NASDAQ:ADBE) by 7.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,350 shares of the software company’s stock after selling 184 shares during the period. Rockland Trust Co.’s holdings in Adobe were worth $1,023,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Stephenson National Bank & Trust bought a new position in shares of Adobe in the 4th quarter valued at about $25,000. Lion Street Advisors LLC bought a new position in Adobe in the 1st quarter worth about $25,000. Sowa Financial Group Inc. bought a new position in shares of Adobe during the 4th quarter worth $26,000. Lloyd Advisory Services LLC. lifted its holdings in Adobe by 256.5% during the first quarter. Lloyd Advisory Services LLC. now owns 82 shares of the software company’s stock worth $26,000 after buying an additional 59 shares during the period. Finally, Laurel Wealth Advisors LLC lifted its position in Adobe by 50.0% during the first quarter. Laurel Wealth Advisors LLC now owns 96 shares of the software company’s stock valued at $31,000 after acquiring an additional 32 shares during the last quarter. Institutional investors own 84.25% of the company’s stock.

Several research analysts recently issued reports on ADBE shares. UBS Group raised their target price on shares of Adobe from $344.00 to $450.00 and gave the stock a “buy” rating in a report on Monday, June 8th. Royal Bank of Canada boosted their price target on Adobe from $325.00 to $440.00 and gave the company an “outperform” rating in a report on Friday, June 12th. Goldman Sachs Group raised their price objective on shares of Adobe from $350.00 to $460.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 24th. They noted that the move was a valuation call. Wells Fargo & Co reaffirmed a “hold” rating and issued a $375.00 price objective (up previously from $290.00) on shares of Adobe in a report on Friday, June 12th. Finally, Canaccord Genuity reissued a “buy” rating and set a $350.00 target price on shares of Adobe in a research note on Wednesday, April 1st. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $407.43.

Adobe stock opened at $460.84 on Friday. The company’s 50 day simple moving average is $410.64 and its 200-day simple moving average is $358.53. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.29 and a current ratio of 1.29. Adobe Inc has a 1 year low of $255.13 and a 1 year high of $463.80. The company has a market capitalization of $219.53 billion, a price-to-earnings ratio of 60.80, a price-to-earnings-growth ratio of 3.55 and a beta of 0.93.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 11th. The software company reported $2.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.33 by $0.12. Adobe had a return on equity of 35.53% and a net margin of 30.72%. The company had revenue of $3.13 billion for the quarter, compared to analyst estimates of $3.16 billion. During the same quarter in the previous year, the company earned $1.83 earnings per share. The firm’s quarterly revenue was up 14.1% compared to the same quarter last year. Equities analysts expect that Adobe Inc will post 8.05 earnings per share for the current year.

In other news, EVP Dana Rao sold 2,025 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $411.61, for a total transaction of $833,510.25. Following the completion of the transaction, the executive vice president now directly owns 17,198 shares of the company’s stock, valued at $7,078,868.78. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CMO Ann Lewnes sold 5,000 shares of the business’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $348.26, for a total value of $1,741,300.00. Following the transaction, the chief marketing officer now directly owns 54,874 shares of the company’s stock, valued at $19,110,419.24. The disclosure for this sale can be found here. Insiders have sold 31,222 shares of company stock worth $12,455,378 in the last three months. Corporate insiders own 0.31% of the company’s stock.

About Adobe

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 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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