New England Research & Management Inc. Purchases 110 Shares of Adobe Inc. (NASDAQ:ADBE)

New England Research & Management Inc. lifted its position in Adobe Inc. (NASDAQ:ADBE) by 14.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 885 shares of the software company’s stock after purchasing an additional 110 shares during the period. New England Research & Management Inc.’s holdings in Adobe were worth $458,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Bank of New Hampshire grew its holdings in shares of Adobe by 1.7% in the third quarter. Bank of New Hampshire now owns 3,599 shares of the software company’s stock worth $1,863,000 after purchasing an additional 60 shares during the last quarter. Salvus Wealth Management LLC grew its holdings in shares of Adobe by 37.5% in the third quarter. Salvus Wealth Management LLC now owns 1,181 shares of the software company’s stock worth $611,000 after purchasing an additional 322 shares during the last quarter. Fulton Bank N.A. grew its holdings in shares of Adobe by 0.9% in the third quarter. Fulton Bank N.A. now owns 15,681 shares of the software company’s stock worth $8,119,000 after purchasing an additional 140 shares during the last quarter. Founders Capital Management grew its holdings in shares of Adobe by 70.1% in the third quarter. Founders Capital Management now owns 8,038 shares of the software company’s stock worth $4,162,000 after purchasing an additional 3,312 shares during the last quarter. Finally, Miracle Mile Advisors LLC grew its holdings in shares of Adobe by 10.8% in the third quarter. Miracle Mile Advisors LLC now owns 1,577 shares of the software company’s stock worth $817,000 after purchasing an additional 154 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ADBE. Robert W. Baird raised their price target on Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research note on Friday, June 14th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research note on Friday, September 13th. BMO Capital Markets raised their price target on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research note on Friday, June 14th. Barclays raised their price target on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Finally, Sanford C. Bernstein dropped their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research note on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Performance

NASDAQ ADBE traded down $19.92 during trading hours on Monday, hitting $487.30. The company’s stock had a trading volume of 4,864,596 shares, compared to its average volume of 3,232,886. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company’s 50 day simple moving average is $541.74 and its two-hundred day simple moving average is $516.26. The company has a market cap of $216.07 billion, a P/E ratio of 43.83, a price-to-earnings-growth ratio of 2.72 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period last year, the company earned $3.26 EPS. Adobe’s revenue for the quarter was up 10.6% on a year-over-year basis. As a group, sell-side analysts expect that Adobe Inc. will post 14.79 EPS for the current fiscal year.

Insider Buying and Selling at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The stock was 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 directly owns 357,700 shares in the company, valued at $186,569,166. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the completion of the transaction, the executive vice president now directly owns 20,359 shares in the company, valued at approximately $11,405,722.57. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,759 shares of company stock worth $17,642,653 in the last three months. 0.15% of the stock is currently 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.