Cambridge Advisors Inc. Sells 200 Shares of Adobe Inc (NASDAQ:ADBE)

Cambridge Advisors Inc. decreased its position in shares of Adobe Inc (NASDAQ:ADBE) by 20.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 776 shares of the software company’s stock after selling 200 shares during the period. Cambridge Advisors Inc.’s holdings in Adobe were worth $229,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of ADBE. Dimensional Fund Advisors LP increased its stake in shares of Adobe by 1.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 878,281 shares of the software company’s stock worth $198,698,000 after acquiring an additional 13,421 shares during the period. Legacy Advisors LLC acquired a new position in shares of Adobe during the first quarter worth about $39,000. Rockland Trust Co. increased its stake in shares of Adobe by 13.1% during the first quarter. Rockland Trust Co. now owns 2,928 shares of the software company’s stock worth $780,000 after acquiring an additional 340 shares during the period. Washington Trust Bank increased its stake in shares of Adobe by 153.2% during the first quarter. Washington Trust Bank now owns 314 shares of the software company’s stock worth $84,000 after acquiring an additional 190 shares during the period. Finally, Addenda Capital Inc. increased its stake in shares of Adobe by 6.2% during the first quarter. Addenda Capital Inc. now owns 24,716 shares of the software company’s stock worth $6,586,000 after acquiring an additional 1,444 shares during the period. Hedge funds and other institutional investors own 86.32% of the company’s stock.

In other Adobe news, Director Charles M. Geschke sold 13,795 shares of the company’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $289.96, for a total value of $3,999,998.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Ann Lewnes sold 3,000 shares of the company’s stock in a transaction dated Wednesday, June 19th. The shares were sold at an average price of $287.00, for a total transaction of $861,000.00. Following the completion of the sale, the executive vice president now directly owns 58,458 shares in the company, valued at approximately $16,777,446. The disclosure for this sale can be found here. Insiders sold 29,627 shares of company stock worth $8,638,724 in the last ninety days. Insiders own 0.32% of the company’s stock.

A number of brokerages have recently issued reports on ADBE. Bank of America boosted their price target on shares of Adobe from $312.00 to $323.00 and gave the stock a “buy” rating in a research note on Wednesday, June 19th. BMO Capital Markets boosted their price objective on shares of Adobe from $300.00 to $315.00 and gave the stock an “outperform” rating in a report on Wednesday, June 19th. BidaskClub downgraded shares of Adobe from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Morgan Stanley raised shares of Adobe from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $282.00 to $340.00 in a report on Monday, April 29th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $295.00 price objective on shares of Adobe in a report on Wednesday, June 19th. Ten analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. Adobe has a consensus rating of “Buy” and a consensus price target of $300.70.

ADBE stock opened at $286.21 on Wednesday. Adobe Inc has a 52 week low of $204.95 and a 52 week high of $313.11. The stock has a market capitalization of $142.58 billion, a P/E ratio of 51.57, a P/E/G ratio of 2.67 and a beta of 1.08. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.10. The business’s 50-day moving average is $301.41.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Tuesday, June 18th. The software company reported $1.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.78 by $0.05. Adobe had a net margin of 26.25% and a return on equity of 29.96%. The company had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.70 billion. During the same quarter in the prior year, the firm earned $1.66 earnings per share. The company’s revenue for the quarter was up 25.0% compared to the same quarter last year. As a group, analysts predict that Adobe Inc will post 6.3 earnings per share for the current year.

About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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