Camden National Bank Buys 152 Shares of Adobe Inc (NASDAQ:ADBE)

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Camden National Bank raised its stake in shares of Adobe Inc (NASDAQ:ADBE) by 0.5% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 33,161 shares of the software company’s stock after acquiring an additional 152 shares during the period. Adobe makes up approximately 2.0% of Camden National Bank’s holdings, making the stock its 23rd biggest position. Camden National Bank’s holdings in Adobe were worth $9,161,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. increased its position in shares of Adobe by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 38,052,601 shares of the software company’s stock valued at $11,212,199,000 after purchasing an additional 504,241 shares during the last quarter. BlackRock Inc. increased its position in shares of Adobe by 2.7% during the 2nd quarter. BlackRock Inc. now owns 33,730,576 shares of the software company’s stock valued at $9,938,712,000 after purchasing an additional 887,115 shares during the last quarter. Janus Henderson Group PLC increased its position in shares of Adobe by 0.8% during the 2nd quarter. Janus Henderson Group PLC now owns 8,017,961 shares of the software company’s stock valued at $2,362,476,000 after purchasing an additional 60,035 shares during the last quarter. Invesco Ltd. increased its position in shares of Adobe by 37.5% during the 2nd quarter. Invesco Ltd. now owns 7,973,766 shares of the software company’s stock valued at $2,349,470,000 after purchasing an additional 2,174,047 shares during the last quarter. Finally, Morgan Stanley increased its position in shares of Adobe by 13.2% during the 2nd quarter. Morgan Stanley now owns 6,950,101 shares of the software company’s stock valued at $2,047,848,000 after purchasing an additional 812,144 shares during the last quarter. Institutional investors and hedge funds own 86.27% of the company’s stock.

Adobe stock traded up $3.31 during midday trading on Friday, hitting $278.29. The stock had a trading volume of 2,086,594 shares, compared to its average volume of 3,401,741. The firm’s fifty day moving average is $279.82 and its two-hundred day moving average is $283.45. The company has a market capitalization of $131.10 billion, a PE ratio of 50.14, a P/E/G ratio of 2.61 and a beta of 1.09. Adobe Inc has a 52-week low of $204.95 and a 52-week high of $313.11. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.10.

Adobe (NASDAQ:ADBE) last released its earnings results on Tuesday, September 17th. The software company reported $2.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.97 by $0.08. The company had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.82 billion. Adobe had a net margin of 26.10% and a return on equity of 30.49%. The firm’s quarterly revenue was up 23.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.73 EPS. As a group, equities research analysts predict that Adobe Inc will post 6.38 earnings per share for the current fiscal year.

In other Adobe news, EVP Dana Rao sold 2,832 shares of the stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $303.36, for a total transaction of $859,115.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Ann Lewnes sold 3,000 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $274.34, for a total transaction of $823,020.00. Following the sale, the chief marketing officer now directly owns 52,398 shares of the company’s stock, valued at $14,374,867.32. The disclosure for this sale can be found here. Insiders sold a total of 11,832 shares of company stock valued at $3,471,486 over the last three months. 0.32% of the stock is currently owned by insiders.

Several equities research analysts have recently commented on the stock. ValuEngine lowered shares of Adobe from a “buy” rating to a “hold” rating in a research report on Thursday, September 5th. Citigroup reduced their price target on shares of Adobe from $335.00 to $322.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Bank of America upped their price target on shares of Adobe from $312.00 to $323.00 and gave the company a “buy” rating in a research report on Wednesday, June 19th. BidaskClub lowered shares of Adobe from a “hold” rating to a “sell” rating in a research report on Wednesday, September 11th. Finally, Stephens set a $327.00 price target on shares of Adobe and gave the company a “buy” rating in a research report on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have assigned a buy rating to the stock. Adobe currently has an average rating of “Buy” and a consensus target price of $302.65.

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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