Kemnay Advisory Services Inc. Has $6.06 Million Position in Adobe Inc (ADBE)

Kemnay Advisory Services Inc. decreased its position in Adobe Inc (NASDAQ:ADBE) by 57.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,452 shares of the software company’s stock after selling 30,160 shares during the period. Adobe makes up approximately 1.9% of Kemnay Advisory Services Inc.’s holdings, making the stock its 15th biggest position. Kemnay Advisory Services Inc.’s holdings in Adobe were worth $6,061,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Violich Capital Management Inc. boosted its stake in Adobe by 6.8% in the 2nd quarter. Violich Capital Management Inc. now owns 3,125 shares of the software company’s stock worth $762,000 after purchasing an additional 200 shares in the last quarter. Andra AP fonden boosted its stake in Adobe by 0.7% in the 3rd quarter. Andra AP fonden now owns 27,700 shares of the software company’s stock worth $7,478,000 after purchasing an additional 200 shares in the last quarter. Warren Averett Asset Management LLC boosted its stake in Adobe by 13.8% in the 3rd quarter. Warren Averett Asset Management LLC now owns 1,777 shares of the software company’s stock worth $480,000 after purchasing an additional 215 shares in the last quarter. Winslow Evans & Crocker Inc. boosted its stake in Adobe by 4.2% in the 3rd quarter. Winslow Evans & Crocker Inc. now owns 5,326 shares of the software company’s stock worth $1,440,000 after purchasing an additional 216 shares in the last quarter. Finally, Dakota Wealth Management boosted its stake in Adobe by 2.4% in the 3rd quarter. Dakota Wealth Management now owns 9,224 shares of the software company’s stock worth $2,490,000 after purchasing an additional 217 shares in the last quarter. Institutional investors own 85.02% of the company’s stock.

A number of brokerages recently issued reports on ADBE. Credit Suisse Group upped their price target on shares of Adobe from $275.00 to $300.00 and gave the stock an “outperform” rating in a research note on Friday, September 14th. Jefferies Financial Group upped their target price on shares of Adobe to $315.00 and gave the company a “buy” rating in a research note on Friday, September 14th. Citigroup upped their target price on shares of Adobe from $260.00 to $309.00 and gave the company a “buy” rating in a research note on Friday, September 14th. Griffin Securities upped their target price on shares of Adobe from $278.00 to $296.00 and gave the company a “buy” rating in a research note on Friday, September 14th. Finally, Robert W. Baird upped their target price on shares of Adobe from $280.00 to $290.00 and gave the company an “outperform” rating in a research note on Friday, September 14th. Eleven research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $271.00.

In other news, EVP Ann Lewnes sold 2,910 shares of the stock in a transaction that occurred on Wednesday, October 17th. The shares were sold at an average price of $261.21, for a total value of $760,121.10. Following the transaction, the executive vice president now owns 55,647 shares in the company, valued at approximately $14,535,552.87. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Bradley Rencher sold 12,000 shares of the stock in a transaction that occurred on Thursday, November 1st. The stock was sold at an average price of $245.30, for a total transaction of $2,943,600.00. Following the completion of the transaction, the executive vice president now owns 68,071 shares in the company, valued at approximately $16,697,816.30. The disclosure for this sale can be found here. Insiders sold a total of 20,806 shares of company stock worth $5,167,142 in the last quarter. Company insiders own 0.33% of the company’s stock.

Shares of NASDAQ:ADBE opened at $245.82 on Thursday. Adobe Inc has a twelve month low of $165.68 and a twelve month high of $277.61. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.21. The company has a market capitalization of $119.99 billion, a PE ratio of 68.47, a price-to-earnings-growth ratio of 2.28 and a beta of 1.14.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 13th. The software company reported $1.73 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.69 by $0.04. Adobe had a net margin of 28.16% and a return on equity of 29.51%. The firm had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.25 billion. During the same quarter in the prior year, the business earned $1.10 EPS. The business’s quarterly revenue was up 24.4% on a year-over-year basis. As a group, analysts expect that Adobe Inc will post 5.66 EPS for the current fiscal year.

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Adobe Profile

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 customers to download and install the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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