Ipswich Investment Management Co. Inc. Has $965,000 Stock Position in Adobe Inc. (NASDAQ:ADBE)

Ipswich Investment Management Co. Inc. boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,863 shares of the software company’s stock after purchasing an additional 28 shares during the quarter. Ipswich Investment Management Co. Inc.’s holdings in Adobe were worth $965,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. International Assets Investment Management LLC increased its holdings in shares of Adobe by 66,909.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after purchasing an additional 1,376,333 shares during the period. Swedbank AB bought a new position in Adobe during the first quarter valued at about $621,179,000. Longview Partners Guernsey LTD bought a new position in Adobe during the second quarter valued at about $663,745,000. Price T Rowe Associates Inc. MD lifted its position in shares of Adobe by 17.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after acquiring an additional 1,146,718 shares during the period. Finally, BlueSpruce Investments LP grew its holdings in shares of Adobe by 81.1% during the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after purchasing an additional 575,675 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. This trade represents a 2.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. The trade was a 23.78 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,187 shares of company stock valued at $17,736,369. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $503.37 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The stock has a market capitalization of $221.58 billion, a P/E ratio of 42.51, a P/E/G ratio of 2.74 and a beta of 1.30. The business has a 50-day moving average price of $509.79 and a two-hundred day moving average price of $517.96.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm’s revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.26 earnings per share. Equities analysts predict that Adobe Inc. will post 14.82 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Morgan Stanley reaffirmed an “overweight” rating and issued a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. Argus raised shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Oppenheimer reissued an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research note on Friday, September 13th. UBS Group decreased their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Finally, Citigroup raised their target price 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 given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

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.