Advisor Group Inc. increased its holdings in Adobe Inc (NASDAQ:ADBE) by 24.4% during the 1st quarter, Holdings Channel reports. The firm owned 51,594 shares of the software company’s stock after buying an additional 10,109 shares during the period. Advisor Group Inc.’s holdings in Adobe were worth $13,748,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Buffington Mohr McNeal purchased a new position in shares of Adobe during the first quarter valued at approximately $26,000. Liberty Wealth Management LLC purchased a new position in shares of Adobe during the fourth quarter valued at approximately $30,000. Barnett & Company Inc. purchased a new position in shares of Adobe during the fourth quarter valued at approximately $32,000. Ruggie Capital Group purchased a new position in shares of Adobe during the fourth quarter valued at approximately $33,000. Finally, Nalls Sherbakoff Group LLC purchased a new position in shares of Adobe during the fourth quarter valued at approximately $34,000. 85.84% of the stock is currently owned by institutional investors.
In other news, EVP Donna Morris sold 10,000 shares of the business’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $290.00, for a total transaction of $2,900,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Ann Lewnes sold 3,000 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $269.82, for a total transaction of $809,460.00. Following the sale, the executive vice president now directly owns 61,458 shares of the company’s stock, valued at approximately $16,582,597.56. The disclosure for this sale can be found here. In the last ninety days, insiders sold 56,936 shares of company stock valued at $15,516,808. 0.32% of the stock is currently owned by insiders.
NASDAQ:ADBE opened at $259.03 on Tuesday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.33. Adobe Inc has a 12 month low of $204.95 and a 12 month high of $291.70. The company has a market capitalization of $132.46 billion, a price-to-earnings ratio of 46.67, a P/E/G ratio of 2.65 and a beta of 1.11.
Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, March 14th. The software company reported $1.37 EPS for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.25). Adobe had a return on equity of 30.60% and a net margin of 28.08%. The company had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.55 billion. During the same period last year, the firm posted $1.55 EPS. The company’s revenue for the quarter was up 24.1% on a year-over-year basis. On average, sell-side analysts forecast that Adobe Inc will post 6.24 earnings per share for the current year.
Several equities analysts have recently issued reports on the stock. Zacks Investment Research lowered shares of Adobe from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th. BidaskClub upgraded shares of Adobe from a “buy” rating to a “strong-buy” rating in a report on Tuesday, April 30th. Morgan Stanley upgraded shares of Adobe from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $282.00 to $340.00 in a report on Monday, April 29th. Rosenblatt Securities reiterated a “buy” rating and set a $280.00 target price on shares of Adobe in a report on Friday, March 29th. Finally, Barclays reiterated a “buy” rating and set a $304.00 target price on shares of Adobe in a report on Monday, March 18th. Nine investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $289.63.
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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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