Wealth Enhancement Advisory Services LLC bought a new position in shares of Adobe Inc (NASDAQ:ADBE) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 6,055 shares of the software company’s stock, valued at approximately $1,860,000.
Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. grew its stake in shares of Adobe by 0.7% in the first quarter. BlackRock Inc. now owns 32,843,461 shares of the software company’s stock valued at $8,752,453,000 after buying an additional 213,902 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in 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. Northern Trust Corp lifted its holdings in Adobe by 1.2% during the 1st quarter. Northern Trust Corp now owns 6,156,195 shares of the software company’s stock valued at $1,640,565,000 after purchasing an additional 72,473 shares during the last quarter. Clearbridge Investments LLC lifted its holdings in Adobe by 3.9% during the 1st quarter. Clearbridge Investments LLC now owns 3,833,064 shares of the software company’s stock valued at $1,021,473,000 after purchasing an additional 143,157 shares during the last quarter. Finally, Fisher Asset Management LLC lifted its holdings in Adobe by 8.4% during the 2nd quarter. Fisher Asset Management LLC now owns 3,106,820 shares of the software company’s stock valued at $915,425,000 after purchasing an additional 240,339 shares during the last quarter. Hedge funds and other institutional investors own 86.37% of the company’s stock.
ADBE traded down $0.58 during trading on Thursday, reaching $283.08. The company’s stock had a trading volume of 1,581,109 shares, compared to its average volume of 2,226,893. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.10. The stock has a fifty day simple moving average of $301.06. Adobe Inc has a 1 year low of $204.95 and a 1 year high of $313.11. The company has a market capitalization of $140.12 billion, a P/E ratio of 51.01, a price-to-earnings-growth ratio of 2.62 and a beta of 1.08.
Adobe (NASDAQ:ADBE) last released its earnings results on Tuesday, June 18th. The software company reported $1.83 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.78 by $0.05. Adobe had a net margin of 26.25% and a return on equity of 29.96%. The business had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.70 billion. During the same period last year, the company posted $1.66 EPS. The business’s revenue was up 25.0% on a year-over-year basis. On average, equities analysts expect that Adobe Inc will post 6.3 earnings per share for the current fiscal year.
In other Adobe news, EVP Dana Rao sold 2,832 shares of the company’s stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $303.36, for a total transaction of $859,115.52. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director John E. Warnock sold 4,000 shares of the company’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $296.94, for a total transaction of $1,187,760.00. Following the transaction, the director now owns 16,088 shares in the company, valued at $4,777,170.72. The disclosure for this sale can be found here. In the last 90 days, insiders sold 26,627 shares of company stock valued at $7,829,264. Corporate insiders own 0.32% of the company’s stock.
ADBE has been the topic of several research reports. BMO Capital Markets boosted their price target on Adobe from $300.00 to $315.00 and gave the stock an “outperform” rating in a report on Wednesday, June 19th. Zacks Investment Research lowered Adobe from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. Wells Fargo & Co reissued a “hold” rating and issued a $275.00 price target (up from $250.00) on shares of Adobe in a research note on Wednesday, June 19th. Barclays boosted their price target on Adobe from $304.00 to $330.00 and gave the company an “overweight” rating in a research note on Wednesday, June 19th. Finally, Bank of America boosted their price target on Adobe from $312.00 to $323.00 and gave the company a “buy” rating in a research note on Wednesday, June 19th. Nine research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $301.69.
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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