Zurcher Kantonalbank Zurich Cantonalbank Purchases 2,669 Shares of Adobe Inc. (NASDAQ:ADBE)

Zurcher Kantonalbank Zurich Cantonalbank grew its position in Adobe Inc. (NASDAQ:ADBE) by 1.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 232,797 shares of the software company’s stock after purchasing an additional 2,669 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.05% of Adobe worth $120,538,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Strategic Wealth Partners Ltd. boosted its position in shares of Adobe by 11.4% during the 1st quarter. Strategic Wealth Partners Ltd. now owns 850 shares of the software company’s stock valued at $429,000 after purchasing an additional 87 shares in the last quarter. LRI Investments LLC acquired a new position in Adobe in the first quarter valued at approximately $190,000. Burney Co. boosted its holdings in shares of Adobe by 1.8% during the 1st quarter. Burney Co. now owns 5,530 shares of the software company’s stock worth $2,790,000 after buying an additional 100 shares in the last quarter. PGGM Investments grew its position in shares of Adobe by 1.4% during the 1st quarter. PGGM Investments now owns 43,900 shares of the software company’s stock worth $22,152,000 after buying an additional 596 shares during the period. Finally, Cetera Investment Advisers increased its stake in shares of Adobe by 213.4% in the 1st quarter. Cetera Investment Advisers now owns 101,212 shares of the software company’s stock valued at $51,072,000 after acquiring an additional 68,921 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Sanford C. Bernstein cut their target price 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. UBS Group cut their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Barclays increased their price target on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Finally, Stifel Nicolaus boosted their price objective on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Down 2.2 %

ADBE stock opened at $513.68 on Thursday. The stock has a market cap of $226.12 billion, a P/E ratio of 43.39, a P/E/G ratio of 2.67 and a beta of 1.30. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock’s fifty day simple moving average is $503.39 and its two-hundred day simple moving average is $519.76. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share 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 company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the previous year, the firm earned $3.26 EPS. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. Analysts expect that Adobe Inc. will post 14.82 EPS for the current year.

Insider Activity

In other news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction 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 represents a 23.78 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock valued at $17,736,369 in the last three months. Company 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.