Bay Rivers Group Acquires 118 Shares of Adobe Inc. (NASDAQ:ADBE)

Bay Rivers Group raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 23.4% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 622 shares of the software company’s stock after purchasing an additional 118 shares during the period. Bay Rivers Group’s holdings in Adobe were worth $322,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Farmers & Merchants Investments Inc. lifted its stake in shares of Adobe by 69.2% in the first quarter. Farmers & Merchants Investments Inc. now owns 621 shares of the software company’s stock worth $313,000 after buying an additional 254 shares in the last quarter. Plimoth Trust Co. LLC lifted its stake in shares of Adobe by 16.7% in the 1st quarter. Plimoth Trust Co. LLC now owns 7,507 shares of the software company’s stock worth $3,788,000 after purchasing an additional 1,072 shares during the period. Handelsinvest Investeringsforvaltning increased its holdings in Adobe by 6.2% during the first quarter. Handelsinvest Investeringsforvaltning now owns 3,494 shares of the software company’s stock valued at $1,763,000 after buying an additional 204 shares during the last quarter. Azzad Asset Management Inc. ADV lifted its position in shares of Adobe by 1.2% during the 1st quarter. Azzad Asset Management Inc. ADV now owns 6,506 shares of the software company’s stock valued at $3,283,000 after buying an additional 78 shares in the last quarter. Finally, Tradewinds Capital Management LLC raised its position in shares of Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares during the period. 81.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of research analyst reports. Stifel Nicolaus increased their price objective on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. Bank of America reaffirmed a “buy” rating and issued a $640.00 target price on shares of Adobe in a report on Friday, September 13th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. UBS Group reduced their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Finally, Barclays boosted their price target on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Price Performance

Adobe stock traded up $4.04 during trading on Tuesday, reaching $485.08. The company had a trading volume of 805,584 shares, compared to its average volume of 3,174,757. The firm has a market capitalization of $215.08 billion, a PE ratio of 43.69, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. The firm’s 50-day simple moving average is $528.39 and its 200 day simple moving average is $515.94. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the previous year, the company earned $3.26 earnings per share. The company’s quarterly revenue was up 10.6% on a year-over-year basis. As a group, equities research analysts anticipate that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,511 shares of company stock valued at $17,408,530 in the last quarter. Insiders own 0.15% of the company’s stock.

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.