State of Wisconsin Investment Board increased its holdings in Adobe Inc (NASDAQ:ADBE) by 6.4% in the 1st quarter, HoldingsChannel reports. The fund owned 658,500 shares of the software company’s stock after buying an additional 39,521 shares during the period. State of Wisconsin Investment Board’s holdings in Adobe were worth $175,484,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also added to or reduced their stakes in the company. New Amsterdam Partners LLC NY raised its position in shares of Adobe by 2.5% in the first quarter. New Amsterdam Partners LLC NY now owns 1,458 shares of the software company’s stock worth $389,000 after buying an additional 36 shares in the last quarter. Wedgewood Investors Inc. PA raised its position in Adobe by 3.5% during the first quarter. Wedgewood Investors Inc. PA now owns 1,139 shares of the software company’s stock valued at $304,000 after purchasing an additional 39 shares in the last quarter. Associated Banc Corp raised its position in Adobe by 1.1% during the first quarter. Associated Banc Corp now owns 3,537 shares of the software company’s stock valued at $943,000 after purchasing an additional 39 shares in the last quarter. Brookstone Capital Management raised its position in Adobe by 4.6% during the fourth quarter. Brookstone Capital Management now owns 928 shares of the software company’s stock valued at $210,000 after purchasing an additional 41 shares in the last quarter. Finally, Eagle Global Advisors LLC raised its position in Adobe by 1.7% during the first quarter. Eagle Global Advisors LLC now owns 2,522 shares of the software company’s stock valued at $672,000 after purchasing an additional 42 shares in the last quarter. 85.89% of the stock is owned by institutional investors.
In other Adobe news, EVP Ann Lewnes sold 3,000 shares of Adobe stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $269.82, for a total transaction of $809,460.00. Following the sale, the executive vice president now directly owns 61,458 shares of the company’s stock, valued at approximately $16,582,597.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Dana Rao sold 5,955 shares of Adobe stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $255.08, for a total value of $1,519,001.40. Following the sale, the executive vice president now directly owns 17,087 shares in the company, valued at $4,358,551.96. The disclosure for this sale can be found here. Insiders sold 56,936 shares of company stock worth $15,516,808 over the last three months. 0.32% of the stock is owned by insiders.
A number of equities research analysts have weighed in on the company. BidaskClub downgraded Adobe from a “strong-buy” rating to a “buy” rating in a research report on Tuesday. Zacks Investment Research downgraded Adobe from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. Barclays restated a “buy” rating and set a $304.00 price target on shares of Adobe in a research report on Monday, March 18th. DZ Bank restated a “hold” rating on shares of Adobe in a research report on Friday, February 22nd. Finally, Canaccord Genuity raised their price target on Adobe from $290.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, March 15th. Nine equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $290.46.
NASDAQ ADBE opened at $276.30 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $135.08 billion, a P/E ratio of 49.78, a price-to-earnings-growth ratio of 2.70 and a beta of 1.12. Adobe Inc has a 1 year low of $204.95 and a 1 year high of $291.70.
Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, March 14th. The software company reported $1.37 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.62 by ($0.25). The business had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.55 billion. Adobe had a return on equity of 30.60% and a net margin of 28.08%. The firm’s revenue for the quarter was up 24.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.55 earnings per share. As a group, analysts anticipate that Adobe Inc will post 6.24 EPS for the current fiscal year.
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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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