Amalgamated Bank lessened its stake in shares of Adobe Inc (NASDAQ:ADBE) by 3.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 74,463 shares of the software company’s stock after selling 2,296 shares during the quarter. Amalgamated Bank’s holdings in Adobe were worth $20,101,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cognios Capital LLC grew its holdings in shares of Adobe by 18.1% in the 2nd quarter. Cognios Capital LLC now owns 7,472 shares of the software company’s stock worth $1,821,000 after purchasing an additional 1,144 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of Adobe by 0.6% in the 2nd quarter. Victory Capital Management Inc. now owns 81,573 shares of the software company’s stock worth $19,888,000 after purchasing an additional 506 shares during the last quarter. HC Financial Advisors Inc. bought a new stake in shares of Adobe in the 2nd quarter worth about $1,290,000. Leisure Capital Management grew its holdings in shares of Adobe by 84.2% in the 2nd quarter. Leisure Capital Management now owns 2,291 shares of the software company’s stock worth $559,000 after purchasing an additional 1,047 shares during the last quarter. Finally, West Branch Capital LLC bought a new stake in shares of Adobe in the 2nd quarter worth about $207,000. 85.02% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have recently weighed in on ADBE shares. Zacks Investment Research raised shares of Adobe from a “hold” rating to a “buy” rating and set a $305.00 target price on the stock in a report on Thursday, October 4th. ValuEngine lowered shares of Adobe from a “buy” rating to a “hold” rating in a report on Tuesday, November 20th. BidaskClub lowered shares of Adobe from a “buy” rating to a “hold” rating in a report on Friday, October 5th. Credit Suisse Group increased their price objective on shares of Adobe from $275.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, September 14th. Finally, Barclays increased their price objective on shares of Adobe to $297.00 and gave the stock an “overweight” rating in a report on Wednesday, September 12th. Ten analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $271.90.
Shares of NASDAQ ADBE opened at $250.63 on Friday. The stock has a market capitalization of $119.99 billion, a PE ratio of 69.81, a price-to-earnings-growth ratio of 2.28 and a beta of 1.14. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.66 and a current ratio of 1.66. Adobe Inc has a 1 year low of $170.43 and a 1 year high of $277.61.
Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 13th. The software company reported $1.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.69 by $0.04. The company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.25 billion. Adobe had a net margin of 28.16% and a return on equity of 29.51%. The company’s revenue for the quarter was up 24.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.10 EPS. Analysts expect that Adobe Inc will post 5.66 EPS for the current year.
In other news, EVP Ann Lewnes sold 2,955 shares of the firm’s stock in a transaction dated Wednesday, November 21st. The shares were sold at an average price of $225.38, for a total value of $665,997.90. Following the transaction, the executive vice president now owns 52,692 shares of the company’s stock, valued at approximately $11,875,722.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Bradley Rencher sold 12,000 shares of the firm’s stock in a transaction dated Thursday, November 1st. The shares were sold at an average price of $245.30, for a total transaction of $2,943,600.00. Following the completion of the transaction, the executive vice president now directly owns 68,071 shares in the company, valued at approximately $16,697,816.30. The disclosure for this sale can be found here. Insiders sold a total of 20,806 shares of company stock worth $5,167,142 in the last ninety days. Insiders own 0.33% of the company’s stock.
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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 customers to download and install the latest versions of its creative products.
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