Adobe Inc. (NASDAQ:ADBE) Shares Bought by First Horizon Advisors Inc.

First Horizon Advisors Inc. boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 6.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 42,977 shares of the software company's stock after acquiring an additional 2,529 shares during the period. First Horizon Advisors Inc.'s holdings in Adobe were worth $22,253,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC increased its stake in shares of Adobe by 28.0% in the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company's stock valued at $3,344,000 after purchasing an additional 1,412 shares during the last quarter. Hemenway Trust Co LLC boosted its holdings in shares of Adobe by 53.1% during the 3rd quarter. Hemenway Trust Co LLC now owns 10,202 shares of the software company's stock valued at $5,282,000 after acquiring an additional 3,539 shares in the last quarter. Crestwood Advisors Group LLC boosted its holdings in shares of Adobe by 1.0% during the 3rd quarter. Crestwood Advisors Group LLC now owns 149,968 shares of the software company's stock valued at $77,650,000 after acquiring an additional 1,464 shares in the last quarter. Anchor Investment Management LLC boosted its holdings in shares of Adobe by 9.8% during the 2nd quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company's stock valued at $8,892,000 after acquiring an additional 1,430 shares in the last quarter. Finally, Fairscale Capital LLC acquired a new stake in shares of Adobe during the 2nd quarter valued at $1,318,000. Institutional investors own 81.79% of the company's stock.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several recent research reports. Sanford C. Bernstein cut their target price on Adobe from $660.00 to $644.00 and set an "outperform" rating on the stock in a report on Friday, September 13th. Oppenheimer reaffirmed an "outperform" rating and issued a $625.00 target price on shares of Adobe in a report on Friday, September 13th. Barclays increased their price objective on Adobe from $650.00 to $675.00 and gave the company an "overweight" rating in a report on Wednesday, September 4th. Morgan Stanley reaffirmed an "overweight" rating and issued a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Finally, Citigroup increased their price objective on Adobe from $550.00 to $621.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 11th. Two equities 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. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $606.40.

Insider Activity

In other news, CEO Shantanu Narayen sold 25,000 shares of Adobe 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 sale, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott Belsky sold 1,530 shares of the business's stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the transaction, the executive vice president now owns 18,831 shares in the company, valued at $9,675,744.42. The trade was a 7.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,187 shares of company stock worth $17,736,369. Corporate insiders own 0.15% of the company's stock.

Adobe Stock Performance

Shares of ADBE stock traded down $0.11 during mid-day trading on Wednesday, reaching $499.50. 1,873,310 shares of the company's stock traded hands, compared to its average volume of 3,156,954. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The firm has a 50 day moving average price of $506.89 and a two-hundred day moving average price of $518.95. 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 capitalization of $219.88 billion, a PE ratio of 42.20, a price-to-earnings-growth ratio of 2.59 and a beta of 1.30.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $5.37 billion. During the same quarter in the prior year, the firm earned $3.26 EPS. The business's revenue was up 10.6% on a year-over-year basis. On average, research analysts forecast that Adobe Inc. will post 14.82 EPS for the current year.

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.