Metropolitan Life Insurance Co NY lowered its stake in shares of Adobe Inc (NASDAQ:ADBE) by 3.8% in the first quarter, HoldingsChannel.com reports. The firm owned 91,854 shares of the software company’s stock after selling 3,607 shares during the period. Metropolitan Life Insurance Co NY’s holdings in Adobe were worth $24,478,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently made changes to their positions in the company. New Amsterdam Partners LLC NY boosted its position in shares of Adobe by 2.5% in the first quarter. New Amsterdam Partners LLC NY now owns 1,458 shares of the software company’s stock valued at $389,000 after acquiring an additional 36 shares during the period. Wedgewood Investors Inc. PA boosted its position in shares of Adobe by 3.5% in the first quarter. Wedgewood Investors Inc. PA now owns 1,139 shares of the software company’s stock valued at $304,000 after acquiring an additional 39 shares during the period. Associated Banc Corp boosted its position in shares of Adobe by 1.1% in the first quarter. Associated Banc Corp now owns 3,537 shares of the software company’s stock valued at $943,000 after acquiring an additional 39 shares during the period. Brookstone Capital Management boosted its position in shares of Adobe by 4.6% in the fourth quarter. Brookstone Capital Management now owns 928 shares of the software company’s stock valued at $210,000 after acquiring an additional 41 shares during the period. Finally, Eagle Global Advisors LLC boosted its position in shares of Adobe by 1.7% in the first quarter. Eagle Global Advisors LLC now owns 2,522 shares of the software company’s stock valued at $672,000 after acquiring an additional 42 shares during the period. 85.81% of the stock is owned by hedge funds and other institutional investors.
Adobe stock opened at $274.28 on Monday. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.97 and a quick ratio of 0.97. Adobe Inc has a 52-week low of $204.95 and a 52-week high of $291.70. The firm has a market cap of $133.84 billion, a price-to-earnings ratio of 49.42, a P/E/G ratio of 2.68 and a beta of 1.11.
Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 14th. The software company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $2.55 billion. During the same quarter in the prior year, the company earned $1.55 earnings per share. The business’s revenue was up 24.1% compared to the same quarter last year. Equities analysts anticipate that Adobe Inc will post 6.24 EPS for the current fiscal year.
In other Adobe news, CMO Ann Lewnes sold 3,000 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $260.54, for a total transaction of $781,620.00. Following the completion of the transaction, the chief marketing officer now directly owns 69,368 shares in the company, valued at $18,073,138.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Donna Morris sold 13,804 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $270.00, for a total value of $3,727,080.00. Following the transaction, the executive vice president now owns 5,603 shares of the company’s stock, valued at $1,512,810. The disclosure for this sale can be found here. Insiders have sold 50,981 shares of company stock valued at $13,997,806 over the last quarter. Corporate insiders own 0.32% of the company’s stock.
ADBE has been the subject of several research reports. Morgan Stanley raised Adobe from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $282.00 to $340.00 in a research report on Monday, April 29th. Robert W. Baird raised their target price on Adobe from $290.00 to $300.00 and gave the stock an “outperform” rating in a research report on Friday, March 15th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $280.00 target price on shares of Adobe in a research report on Friday, March 29th. BidaskClub raised Adobe from a “hold” rating to a “buy” rating in a research report on Tuesday, March 26th. Finally, Canaccord Genuity raised their target price on Adobe from $290.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. Seven analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. Adobe presently has an average rating of “Buy” and an average price target of $293.42.
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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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