Lathrop Investment Management Corp lowered its stake in Adobe Inc (NASDAQ:ADBE) by 8.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 66,280 shares of the software company’s stock after selling 6,105 shares during the quarter. Adobe comprises about 5.3% of Lathrop Investment Management Corp’s portfolio, making the stock its 3rd biggest holding. Lathrop Investment Management Corp’s holdings in Adobe were worth $17,663,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently bought and sold shares of the stock. Oregon Public Employees Retirement Fund lifted its holdings in Adobe by 24,198.5% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 38,660,570 shares of the software company’s stock valued at $171,000 after acquiring an additional 38,501,463 shares during the last quarter. Lunia Capital LP lifted its holdings in Adobe by 23,384.5% in the 4th quarter. Lunia Capital LP now owns 8,928,109 shares of the software company’s stock valued at $8,928,000 after acquiring an additional 8,890,092 shares during the last quarter. Norges Bank acquired a new stake in Adobe in the 4th quarter valued at about $981,259,000. Morgan Stanley lifted its holdings in Adobe by 41.6% in the 3rd quarter. Morgan Stanley now owns 4,858,611 shares of the software company’s stock valued at $1,311,581,000 after acquiring an additional 1,426,859 shares during the last quarter. Finally, Rehmann Capital Advisory Group lifted its holdings in Adobe by 27,901.2% in the 3rd quarter. Rehmann Capital Advisory Group now owns 1,232,051 shares of the software company’s stock valued at $4,564,000 after acquiring an additional 1,227,651 shares during the last quarter. 86.69% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have weighed in on ADBE. Robert W. Baird upped their price target on shares of Adobe from $290.00 to $300.00 and gave the company an “outperform” rating in a report on Friday, March 15th. Rosenblatt Securities reissued a “buy” rating and issued a $280.00 price target on shares of Adobe in a report on Friday, March 29th. BidaskClub raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Tuesday, March 26th. Zacks Investment Research downgraded shares of Adobe from a “hold” rating to a “sell” rating in a report on Tuesday, February 12th. Finally, Cowen downgraded shares of Adobe from an “outperform” rating to a “market perform” rating and set a $280.00 price target for the company. in a report on Friday, February 15th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and nineteen have assigned a buy rating to the company’s stock. Adobe presently has a consensus rating of “Buy” and an average target price of $285.56.
In other news, Chairman Shantanu Narayen sold 139,834 shares of the company’s stock in a transaction dated Friday, January 25th. The stock was sold at an average price of $245.40, for a total value of $34,315,263.60. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Matthew Thompson sold 41,000 shares of the company’s stock in a transaction dated Friday, January 25th. The shares were sold at an average price of $245.28, for a total value of $10,056,480.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 287,330 shares of company stock worth $71,134,520. Corporate insiders own 0.32% of the company’s stock.
NASDAQ ADBE opened at $270.57 on Friday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market cap of $132.02 billion, a price-to-earnings ratio of 48.75, a P/E/G ratio of 2.64 and a beta of 1.10. Adobe Inc has a 1 year low of $204.95 and a 1 year high of $277.61.
Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, March 14th. The software company reported $1.37 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.62 by ($0.25). The company had revenue of $2.58 billion for the quarter, compared to analyst estimates of $2.55 billion. Adobe had a return on equity of 30.60% and a net margin of 28.08%. Adobe’s quarterly revenue was up 24.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.55 EPS. On average, sell-side analysts expect that Adobe Inc will post 6.24 earnings per share for the current year.
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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 customer to download and access the latest versions of its creative products.
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