ING Groep NV Increases Holdings in Adobe Inc. (NASDAQ:ADBE)

ING Groep NV grew its stake in Adobe Inc. (NASDAQ:ADBE) by 8.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 177,121 shares of the software company’s stock after acquiring an additional 13,188 shares during the quarter. ING Groep NV’s holdings in Adobe were worth $91,710,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Piscataqua Savings Bank increased its holdings in shares of Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares in the last quarter. Summit Securities Group LLC bought a new position in Adobe during the 2nd quarter valued at about $33,000. Highline Wealth Partners LLC purchased a new stake in shares of Adobe during the 3rd quarter valued at about $38,000. Lynx Investment Advisory bought a new position in Adobe during the second quarter valued at approximately $39,000. Finally, Hobbs Group Advisors LLC purchased a new stake in Adobe in the second quarter worth approximately $39,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

Adobe stock traded down $3.72 during mid-day trading on Thursday, reaching $528.78. 659,076 shares of the company’s stock traded hands, compared to its average volume of 3,154,607. The stock has a 50 day moving average of $511.75 and a two-hundred day 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 quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a market cap of $232.77 billion, a price-to-earnings ratio of 44.97, a PEG ratio of 2.71 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its quarterly 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 return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter last year, the business posted $3.26 earnings per share. The firm’s revenue was up 10.6% on a year-over-year basis. Equities analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently commented on ADBE. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Sanford C. Bernstein dropped their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. Argus upgraded Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 target price on shares of Adobe in a research report on Tuesday, October 15th. Finally, StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Activity

In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe 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 transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction 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 $10,740,738.72. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is currently owned by corporate insiders.

Adobe Profile

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.