American Research & Management Co. reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 27,246 shares of the software company’s stock after selling 1,140 shares during the period. Adobe comprises approximately 3.1% of American Research & Management Co.’s portfolio, making the stock its 4th biggest holding. American Research & Management Co.’s holdings in Adobe were worth $12,952,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Carmichael Hill & Associates Inc. bought a new position in shares of Adobe in the fourth quarter worth approximately $25,000. Concord Wealth Partners bought a new position in shares of Adobe in the fourth quarter worth approximately $32,000. Cordasco Financial Network grew its holdings in shares of Adobe by 54.3% in the fourth quarter. Cordasco Financial Network now owns 71 shares of the software company’s stock worth $36,000 after purchasing an additional 25 shares during the last quarter. Capstone Triton Financial Group LLC bought a new position in shares of Adobe in the fourth quarter worth approximately $46,000. Finally, Curi Capital bought a new position in shares of Adobe in the fourth quarter worth approximately $48,000. Institutional investors and hedge funds own 82.43% of the company’s stock.
A number of analysts recently commented on ADBE shares. BMO Capital Markets dropped their price target on Adobe from $570.00 to $535.00 and set an “outperform” rating for the company in a research note on Tuesday, March 30th. Morgan Stanley raised their price target on Adobe from $560.00 to $575.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 30th. Wedbush raised their price objective on Adobe from $410.00 to $510.00 and gave the company a “neutral” rating in a research report on Wednesday, February 3rd. Royal Bank of Canada raised their price objective on Adobe from $570.00 to $575.00 and gave the company an “outperform” rating in a research report on Friday, December 11th. Finally, The Goldman Sachs Group reissued a “neutral” rating and set a $523.00 price objective on shares of Adobe in a research report on Wednesday, March 3rd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nineteen have issued a buy rating to the company. Adobe currently has an average rating of “Buy” and an average price target of $547.58.
Shares of ADBE stock traded up $8.47 during trading hours on Thursday, reaching $501.88. 46,946 shares of the company traded hands, compared to its average volume of 2,869,100. Adobe Inc. has a 12-month low of $308.20 and a 12-month high of $536.88. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.48 and a quick ratio of 1.44. The company has a market cap of $239.90 billion, a P/E ratio of 45.52, a P/E/G ratio of 2.55 and a beta of 0.97. The firm has a 50-day moving average price of $461.15 and a 200 day moving average price of $476.51.
Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Monday, March 22nd. The software company reported $3.14 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.79 by $0.35. Adobe had a return on equity of 35.81% and a net margin of 40.88%. The firm had revenue of $3.91 billion for the quarter, compared to analysts’ expectations of $3.76 billion. During the same period in the previous year, the firm earned $2.27 EPS. The business’s quarterly revenue was up 26.3% on a year-over-year basis. Sell-side analysts predict that Adobe Inc. will post 9.47 EPS for the current year.
Adobe declared that its board has authorized a stock buyback plan on Thursday, December 10th that authorizes the company to buyback $15.00 billion in outstanding shares. This buyback authorization authorizes the software company to reacquire up to 6.6% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.
In related news, CFO John Francis Murphy sold 2,139 shares of the business’s stock in a transaction that occurred on Monday, January 25th. The stock was sold at an average price of $474.51, for a total value of $1,014,976.89. Following the transaction, the chief financial officer now directly owns 19,553 shares of the company’s stock, valued at approximately $9,278,094.03. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Abhay Parasnis sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 10th. The stock was sold at an average price of $499.17, for a total value of $1,996,680.00. Following the sale, the executive vice president now directly owns 43,746 shares in the company, valued at $21,836,690.82. The disclosure for this sale can be found here. Over the last three months, insiders sold 112,558 shares of company stock worth $52,990,341. 0.31% of the stock is owned by insiders.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, 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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