Virtu Financial LLC Sells 13,630 Shares of Adobe Inc (NASDAQ:ADBE)

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Virtu Financial LLC lessened its position in shares of Adobe Inc (NASDAQ:ADBE) by 88.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,701 shares of the software company’s stock after selling 13,630 shares during the period. Virtu Financial LLC’s holdings in Adobe were worth $470,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. JNBA Financial Advisors lifted its stake in Adobe by 666.7% in the 2nd quarter. JNBA Financial Advisors now owns 92 shares of the software company’s stock valued at $27,000 after purchasing an additional 80 shares during the last quarter. JJJ Advisors Inc. acquired a new stake in Adobe in the 3rd quarter valued at about $28,000. Hexavest Inc. lifted its stake in Adobe by 58.2% in the 3rd quarter. Hexavest Inc. now owns 106 shares of the software company’s stock valued at $29,000 after purchasing an additional 39 shares during the last quarter. Ellis Investment Partners LLC acquired a new stake in Adobe in the 2nd quarter valued at about $30,000. Finally, Resources Investment Advisors LLC. lifted its stake in Adobe by 94.3% in the 2nd quarter. Resources Investment Advisors LLC. now owns 103 shares of the software company’s stock valued at $30,000 after purchasing an additional 50 shares during the last quarter. Hedge funds and other institutional investors own 84.87% of the company’s stock.

In other news, CMO Ann Lewnes sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $269.71, for a total transaction of $809,130.00. Following the transaction, the chief marketing officer now directly owns 49,148 shares of the company’s stock, valued at $13,255,707.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold 9,000 shares of company stock worth $2,533,770 over the last ninety days. Insiders own 0.32% of the company’s stock.

ADBE has been the subject of several recent analyst reports. Canaccord Genuity set a $320.00 target price on shares of Adobe and gave the company a “buy” rating in a research note on Wednesday, September 18th. Stifel Nicolaus reiterated a “neutral” rating and issued a $325.00 target price on shares of Adobe in a research note on Wednesday, September 18th. Griffin Securities raised their target price on shares of Adobe from $303.00 to $317.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. BMO Capital Markets cut their target price on shares of Adobe from $310.00 to $300.00 and set an “outperform” rating for the company in a research note on Monday, October 21st. Finally, Credit Suisse Group set a $325.00 target price on shares of Adobe and gave the company a “buy” rating in a research note on Tuesday, September 17th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $304.92.

Shares of ADBE stock opened at $302.75 on Tuesday. The firm has a 50 day moving average price of $286.37 and a two-hundred day moving average price of $286.87. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $149.84 billion, a PE ratio of 54.55, a price-to-earnings-growth ratio of 2.98 and a beta of 1.11. Adobe Inc has a 12-month low of $204.95 and a 12-month high of $313.11.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data 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. Adobe had a net margin of 26.10% and a return on equity of 30.49%. The firm had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.82 billion. During the same period last year, the business posted $1.73 earnings per share. The business’s revenue for the quarter was up 23.7% compared to the same quarter last year. As a group, research analysts expect that Adobe Inc will post 6.39 EPS for the current year.

Adobe Company 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 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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