Cigna Investments Inc. New boosted its position in Adobe Inc (NASDAQ:ADBE) by 37.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,728 shares of the software company’s stock after purchasing an additional 4,791 shares during the quarter. Adobe makes up 0.7% of Cigna Investments Inc. New’s portfolio, making the stock its 23rd biggest position. Cigna Investments Inc. New’s holdings in Adobe were worth $5,642,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Stephenson National Bank & Trust bought a new position in Adobe in the fourth quarter worth $25,000. Sowa Financial Group Inc. bought a new position in Adobe in the fourth quarter worth $26,000. Lion Street Advisors LLC bought a new position in Adobe in the first quarter worth $25,000. Solstein Capital LLC bought a new position in Adobe in the fourth quarter worth $27,000. Finally, Laurel Wealth Advisors LLC raised its holdings in Adobe by 50.0% in the first quarter. Laurel Wealth Advisors LLC now owns 96 shares of the software company’s stock worth $31,000 after purchasing an additional 32 shares in the last quarter. Institutional investors and hedge funds own 85.98% of the company’s stock.
A number of equities analysts have issued reports on ADBE shares. Oppenheimer increased their price objective on Adobe from $375.00 to $410.00 and gave the stock an “outperform” rating in a report on Tuesday, March 17th. Jefferies Financial Group cut their target price on Adobe from $385.00 to $370.00 and set a “buy” rating on the stock in a research note on Friday, March 13th. Bank of America reissued a “buy” rating and issued a $360.00 target price on shares of Adobe in a research note on Friday, March 13th. Zacks Investment Research raised Adobe from a “sell” rating to a “hold” rating and set a $327.00 target price on the stock in a research note on Wednesday, March 18th. Finally, BMO Capital Markets increased their price objective on Adobe from $350.00 to $375.00 and gave the company an “outperform” rating in a research report on Thursday, April 30th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. Adobe currently has a consensus rating of “Buy” and a consensus price target of $342.54.
In other news, EVP Scott Belsky sold 600 shares of the firm’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $301.40, for a total value of $180,840.00. Following the transaction, the executive vice president now owns 13,655 shares of the company’s stock, valued at $4,115,617. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CMO Ann Lewnes sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $306.97, for a total value of $1,534,850.00. Following the completion of the transaction, the chief marketing officer now directly owns 59,565 shares in the company, valued at approximately $18,284,668.05. The disclosure for this sale can be found here. Insiders sold 12,298 shares of company stock worth $4,025,976 in the last ninety days. Corporate insiders own 0.31% of the company’s stock.
NASDAQ:ADBE traded up $3.09 on Friday, hitting $385.26. The stock had a trading volume of 1,627,227 shares, compared to its average volume of 2,763,171. The business’s 50-day simple moving average is $342.06 and its two-hundred day simple moving average is $332.10. The company has a quick ratio of 1.23, a current ratio of 1.23 and a debt-to-equity ratio of 0.39. Adobe Inc has a 52-week low of $255.13 and a 52-week high of $386.74. The stock has a market cap of $184.13 billion, a price-to-earnings ratio of 58.37, a price-to-earnings-growth ratio of 2.98 and a beta of 0.90.
Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, March 12th. The software company reported $2.27 EPS for the quarter, topping the consensus estimate of $2.23 by $0.04. Adobe had a return on equity of 33.54% and a net margin of 27.72%. The firm had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.05 billion. During the same quarter last year, the company earned $1.71 earnings per share. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Adobe Inc will post 8 EPS for the current year.
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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