Chevy Chase Trust Holdings LLC Grows Holdings in Adobe Inc. (NASDAQ:ADBE)

Chevy Chase Trust Holdings LLC grew its position in shares of Adobe Inc. (NASDAQ:ADBEGet Rating) by 0.1% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 287,872 shares of the software company’s stock after buying an additional 166 shares during the quarter. Chevy Chase Trust Holdings LLC owned 0.06% of Adobe worth $79,223,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. VELA Investment Management LLC grew its stake in Adobe by 122.2% in the 1st quarter. VELA Investment Management LLC now owns 1,958 shares of the software company’s stock valued at $892,000 after acquiring an additional 1,077 shares during the last quarter. Bornite Capital Management LP acquired a new stake in Adobe in the 1st quarter valued at about $15,947,000. United Bank grew its stake in Adobe by 34.7% in the 1st quarter. United Bank now owns 2,109 shares of the software company’s stock valued at $961,000 after acquiring an additional 543 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Adobe by 21.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 525,897 shares of the software company’s stock valued at $239,609,000 after acquiring an additional 91,328 shares during the last quarter. Finally, Ergoteles LLC boosted its stake in shares of Adobe by 138.3% during the 1st quarter. Ergoteles LLC now owns 6,651 shares of the software company’s stock worth $3,030,000 after purchasing an additional 3,860 shares during the last quarter. 79.36% of the stock is owned by institutional investors and hedge funds.

Adobe Trading Down 1.0 %

Shares of ADBE stock opened at $361.32 on Wednesday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.26. Adobe Inc. has a 12-month low of $274.73 and a 12-month high of $540.46. The stock has a market capitalization of $165.41 billion, a P/E ratio of 35.77, a P/E/G ratio of 2.27 and a beta of 1.24. The firm’s 50 day moving average is $337.96 and its 200 day moving average is $347.49.

Adobe (NASDAQ:ADBEGet Rating) last announced its quarterly earnings data on Thursday, December 15th. The software company reported $2.78 EPS for the quarter, meeting the consensus estimate of $2.78. The firm had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $4.52 billion. Adobe had a net margin of 27.01% and a return on equity of 36.74%. Research analysts expect that Adobe Inc. will post 12.18 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ADBE. Stifel Nicolaus raised their price target on shares of Adobe from $375.00 to $400.00 in a research note on Friday, December 16th. StockNews.com lowered shares of Adobe from a “buy” rating to a “hold” rating in a report on Wednesday, January 11th. UBS Group increased their price objective on shares of Adobe from $320.00 to $350.00 in a report on Monday, December 12th. Morgan Stanley increased their price objective on shares of Adobe from $337.00 to $382.00 and gave the stock an “equal weight” rating in a report on Friday, December 16th. Finally, BMO Capital Markets increased their price objective on shares of Adobe from $332.00 to $390.00 and gave the company a “market perform” rating in a research report on Friday, December 16th. Sixteen analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, Adobe presently has an average rating of “Hold” and an average target price of $412.81.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 132 shares of the business’s stock in a transaction that occurred on Monday, December 19th. The shares were sold at an average price of $338.00, for a total transaction of $44,616.00. Following the completion of the transaction, the chief accounting officer now owns 3,271 shares in the company, valued at approximately $1,105,598. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 132 shares of the company’s stock in a transaction on Monday, December 19th. The shares were sold at an average price of $338.00, for a total transaction of $44,616.00. Following the completion of the transaction, the chief accounting officer now directly owns 3,271 shares in the company, valued at $1,105,598. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Dana Rao sold 5,018 shares of the stock in a transaction dated Tuesday, December 20th. The shares were sold at an average price of $336.93, for a total transaction of $1,690,714.74. Following the completion of the sale, the executive vice president now owns 14,832 shares of the company’s stock, valued at $4,997,345.76. The disclosure for this sale can be found here. Insiders sold 23,150 shares of company stock worth $7,960,211 in the last 90 days. 0.23% of the stock is owned by corporate insiders.

About Adobe

(Get Rating)

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

See Also

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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