Sanders Morris Harris LLC bought a new stake in Adobe Inc (NASDAQ:ADBE) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 559 shares of the software company’s stock, valued at approximately $246,000.
Other institutional investors also recently modified their holdings of the company. Stephenson National Bank & Trust acquired a new stake in shares of Adobe in the fourth quarter valued at approximately $25,000. Sowa Financial Group Inc. acquired a new stake in shares of Adobe in the fourth quarter valued at approximately $26,000. Lion Street Advisors LLC acquired a new stake in shares of Adobe in the first quarter valued at approximately $25,000. Lloyd Advisory Services LLC. increased its holdings in shares of Adobe by 256.5% in the first quarter. Lloyd Advisory Services LLC. now owns 82 shares of the software company’s stock valued at $26,000 after purchasing an additional 59 shares in the last quarter. Finally, Laurel Wealth Advisors LLC increased its holdings in shares of Adobe by 50.0% in the first quarter. Laurel Wealth Advisors LLC now owns 96 shares of the software company’s stock valued at $31,000 after purchasing an additional 32 shares in the last quarter. 84.25% of the stock is owned by institutional investors and hedge funds.
ADBE has been the subject of a number of research reports. Credit Suisse Group raised their price target on shares of Adobe from $415.00 to $425.00 and gave the company an “outperform” rating in a report on Friday, June 12th. Zacks Investment Research lowered Adobe from a “hold” rating to a “sell” rating and set a $421.00 price target on the stock. in a research report on Tuesday, June 16th. Cfra dropped their price target on Adobe from $365.00 to $359.00 and set a “buy” rating on the stock in a research report on Tuesday, March 17th. Morgan Stanley increased their price objective on Adobe from $375.00 to $450.00 and gave the stock an “overweight” rating in a report on Friday, June 12th. Finally, Argus increased their price objective on Adobe from $368.00 to $474.00 and gave the stock a “buy” rating in a report on Monday, June 15th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company’s stock. Adobe currently has a consensus rating of “Buy” and an average target price of $407.43.
ADBE stock traded up $2.11 during mid-day trading on Thursday, reaching $459.79. The company had a trading volume of 32,402 shares, compared to its average volume of 3,199,626. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.29 and a quick ratio of 1.29. The stock has a 50 day simple moving average of $408.93 and a two-hundred day simple moving average of $357.87. The company has a market capitalization of $215.54 billion, a price-to-earnings ratio of 60.38, a PEG ratio of 3.49 and a beta of 0.93. Adobe Inc has a 52 week low of $255.13 and a 52 week high of $459.44.
Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, June 11th. The software company reported $2.45 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.33 by $0.12. Adobe had a return on equity of 35.53% and a net margin of 30.72%. The company had revenue of $3.13 billion during the quarter, compared to the consensus estimate of $3.16 billion. During the same period in the previous year, the company posted $1.83 EPS. The firm’s revenue for the quarter was up 14.1% compared to the same quarter last year. On average, equities analysts predict that Adobe Inc will post 8.05 EPS for the current year.
In other news, CMO Ann Lewnes sold 5,000 shares of Adobe stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $348.26, for a total transaction of $1,741,300.00. Following the completion of the transaction, the chief marketing officer now directly owns 54,874 shares in the company, valued at approximately $19,110,419.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 600 shares of Adobe stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $335.34, for a total value of $201,204.00. Following the transaction, the executive vice president now owns 13,055 shares of the company’s stock, valued at $4,377,863.70. The disclosure for this sale can be found here. Insiders have sold a total of 30,725 shares of company stock valued at $12,229,859 over the last quarter. 0.31% of the stock is currently owned by corporate insiders.
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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