Adobe Inc. (NASDAQ:ADBE) Stock Position Lowered by Camden National Bank

Camden National Bank decreased its position in Adobe Inc. (NASDAQ:ADBE) by 2.4% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 23,251 shares of the software company’s stock after selling 582 shares during the period. Adobe accounts for about 2.2% of Camden National Bank’s investment portfolio, making the stock its 10th biggest position. Camden National Bank’s holdings in Adobe were worth $11,370,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of ADBE. AGF Management Ltd. lifted its stake in Adobe by 86.1% in the second quarter. AGF Management Ltd. now owns 8,912 shares of the software company’s stock worth $4,358,000 after acquiring an additional 4,123 shares during the period. Altfest L J & Co. Inc. purchased a new position in Adobe in the second quarter worth $908,000. IPG Investment Advisors LLC purchased a new position in Adobe during the 2nd quarter worth $318,000. TD Asset Management Inc increased its holdings in shares of Adobe by 41.6% during the second quarter. TD Asset Management Inc now owns 437,700 shares of the software company’s stock valued at $214,031,000 after acquiring an additional 128,671 shares in the last quarter. Finally, Baltimore Washington Financial Advisors Inc. boosted its stake in Adobe by 5.5% in the 2nd quarter. Baltimore Washington Financial Advisors Inc. now owns 27,474 shares of the software company’s stock worth $13,435,000 after purchasing an additional 1,423 shares in the last quarter. Institutional investors own 80.00% of the company’s stock.

Adobe Price Performance

ADBE stock traded down $5.98 during trading on Monday, hitting $591.24. The stock had a trading volume of 743,885 shares, compared to its average volume of 3,107,951. The stock has a market cap of $269.19 billion, a price-to-earnings ratio of 53.76, a price-to-earnings-growth ratio of 3.44 and a beta of 1.33. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.25 and a current ratio of 1.25. Adobe Inc. has a 1-year low of $318.60 and a 1-year high of $598.14. The company’s 50 day moving average price is $541.19 and its two-hundred day moving average price is $492.36.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 14th. The software company reported $4.09 earnings per share for the quarter, beating analysts’ consensus estimates of $3.98 by $0.11. The company had revenue of $4.89 billion for the quarter, compared to analyst estimates of $4.87 billion. Adobe had a net margin of 27.11% and a return on equity of 37.73%. Adobe’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same quarter last year, the business earned $2.63 EPS. On average, sell-side analysts forecast that Adobe Inc. will post 12.81 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of research reports. Bank of America lifted their price target on Adobe from $630.00 to $660.00 and gave the stock a “buy” rating in a research report on Friday, September 15th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Adobe from $550.00 to $610.00 and gave the stock a “buy” rating in a report on Friday, September 15th. DA Davidson upgraded shares of Adobe from a “neutral” rating to a “buy” rating and boosted their target price for the company from $500.00 to $640.00 in a research report on Thursday, October 26th. The Goldman Sachs Group raised their price objective on shares of Adobe from $550.00 to $625.00 and gave the stock a “buy” rating in a research note on Friday, September 15th. Finally, HSBC initiated coverage on shares of Adobe in a research note on Friday, September 29th. They set a “hold” rating and a $519.00 target price on the stock. Seven analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $603.22.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 116 shares of Adobe stock in a transaction that occurred on Wednesday, October 25th. The stock was sold at an average price of $533.56, for a total transaction of $61,892.96. Following the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,163,585.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Scott Belsky sold 1,991 shares of the firm’s stock in a transaction on Tuesday, October 24th. The stock was sold at an average price of $544.39, for a total transaction of $1,083,880.49. Following the transaction, the executive vice president now directly owns 21,467 shares in the company, valued at $11,686,420.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 116 shares of Adobe stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $533.56, for a total transaction of $61,892.96. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,163,585.80. The disclosure for this sale can be found here. Insiders sold a total of 2,467 shares of company stock worth $1,337,400 in the last 90 days. 0.24% of the stock is owned by company insiders.

Adobe Company 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.