Chase Investment Counsel Corp Boosts Stake in Adobe Inc (ADBE)

Chase Investment Counsel Corp lifted its position in shares of Adobe Inc (NASDAQ:ADBE) by 24.2% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 36,615 shares of the software company’s stock after acquiring an additional 7,129 shares during the period. Adobe makes up about 4.9% of Chase Investment Counsel Corp’s portfolio, making the stock its largest position. Chase Investment Counsel Corp’s holdings in Adobe were worth $8,283,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Ruggie Capital Group acquired a new position in Adobe during the fourth quarter worth about $33,000. Intercontinental Wealth Advisors LLC acquired a new position in Adobe during the fourth quarter worth about $41,000. Contravisory Investment Management Inc. raised its stake in Adobe by 159.5% during the fourth quarter. Contravisory Investment Management Inc. now owns 205 shares of the software company’s stock worth $46,000 after acquiring an additional 126 shares in the last quarter. Global Trust Asset Management LLC raised its stake in Adobe by 105.5% during the fourth quarter. Global Trust Asset Management LLC now owns 409 shares of the software company’s stock worth $93,000 after acquiring an additional 210 shares in the last quarter. Finally, Capital Guardian Trust Co. acquired a new position in Adobe during the third quarter worth about $102,000. 92.64% of the stock is owned by institutional investors.

In related news, EVP Ann Lewnes sold 2,955 shares of the company’s stock in a transaction that occurred on Wednesday, November 21st. The stock was sold at an average price of $225.38, for a total value of $665,997.90. Following the sale, the executive vice president now directly owns 52,692 shares in the company, valued at $11,875,722.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles M. Geschke sold 21,258 shares of the company’s stock in a transaction that occurred on Tuesday, January 8th. The shares were sold at an average price of $232.71, for a total value of $4,946,949.18. The disclosure for this sale can be found here. Insiders sold 282,299 shares of company stock worth $68,899,256 over the last quarter. 0.33% of the stock is currently owned by company insiders.

Several research analysts have commented on the company. Wedbush assumed coverage on Adobe in a research note on Thursday, October 18th. They set a “neutral” rating and a $270.00 target price for the company. Zacks Investment Research raised Adobe from a “hold” rating to a “buy” rating and set a $286.00 target price for the company in a research note on Thursday, December 6th. Pivotal Research reissued a “hold” rating and set a $252.00 target price (down previously from $254.00) on shares of Adobe in a research note on Friday, December 14th. ValuEngine raised Adobe from a “hold” rating to a “buy” rating in a research note on Tuesday, January 15th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $280.00 target price on shares of Adobe in a research note on Sunday, December 16th. Nine research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Adobe presently has a consensus rating of “Buy” and a consensus price target of $284.62.

NASDAQ:ADBE opened at $258.39 on Tuesday. The stock has a market cap of $125.35 billion, a PE ratio of 46.56, a PEG ratio of 2.52 and a beta of 1.15. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.44. Adobe Inc has a 1-year low of $188.56 and a 1-year high of $277.61.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, December 13th. The software company reported $1.83 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.88 by ($0.05). The firm had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.43 billion. Adobe had a return on equity of 31.19% and a net margin of 28.69%. The business’s revenue for the quarter was up 20.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.26 earnings per share. As a group, sell-side analysts anticipate that Adobe Inc will post 6.21 earnings per share for the current 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 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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