The Manufacturers Life Insurance Company Has $170.93 Million Position in Adobe Inc. (NASDAQ:ADBE)

The Manufacturers Life Insurance Company lessened its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 1.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 330,118 shares of the software company's stock after selling 6,392 shares during the period. The Manufacturers Life Insurance Company owned 0.07% of Adobe worth $170,925,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the company. Onyx Bridge Wealth Group LLC lifted its holdings in Adobe by 3.9% during the second quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company's stock worth $281,000 after buying an additional 19 shares during the period. HTLF Bank raised its holdings in Adobe by 3.3% in the second quarter. HTLF Bank now owns 588 shares of the software company's stock worth $327,000 after purchasing an additional 19 shares in the last quarter. Commonwealth Financial Services LLC raised its stake in shares of Adobe by 3.7% during the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company's stock worth $309,000 after acquiring an additional 19 shares in the last quarter. Orrstown Financial Services Inc. grew its holdings in Adobe by 0.9% in the second quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company's stock worth $1,257,000 after purchasing an additional 20 shares during the last quarter. Finally, Orser Capital Management LLC boosted its position in shares of Adobe by 0.3% in the 2nd quarter. Orser Capital Management LLC now owns 6,867 shares of the software company's stock worth $3,815,000 after purchasing an additional 20 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Adobe Trading Down 2.2 %

Shares of NASDAQ:ADBE traded down $11.62 during trading on Wednesday, reaching $513.68. 2,322,601 shares of the stock were exchanged, compared to its average volume of 3,142,019. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The firm's 50-day moving average price is $503.39 and its 200 day moving average price is $519.76. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market cap of $226.12 billion, a price-to-earnings ratio of 43.39, a price-to-earnings-growth ratio of 2.67 and a beta of 1.30.

Adobe (NASDAQ:ADBE - Get Free Report) last released 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. The firm had revenue of $5.41 billion during the quarter, compared to analysts' expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe's quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.26 EPS. On average, sell-side analysts anticipate that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Insider Activity

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business's stock in a transaction 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 completion of the sale, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. The trade was a 6.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Daniel Durn sold 6,500 shares of Adobe 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 approximately $10,740,738.72. This represents a 23.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Oppenheimer reiterated an "outperform" rating and issued a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Morgan Stanley reaffirmed an "overweight" rating and set a $660.00 target price on shares of Adobe in a report on Friday, September 13th. Citigroup increased their target price on shares of Adobe from $550.00 to $621.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 11th. Stifel Nicolaus upped their target price on Adobe from $600.00 to $650.00 and gave the stock a "buy" rating in a research note on Friday, September 6th. Finally, Bank of America reaffirmed a "buy" rating and set a $640.00 price objective on shares of Adobe in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $606.40.

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.