Wetherby Asset Management Inc. boosted its stake in Adobe Inc (NASDAQ:ADBE) by 17.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,289 shares of the software company’s stock after buying an additional 2,461 shares during the period. Wetherby Asset Management Inc.’s holdings in Adobe were worth $4,799,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently modified their holdings of ADBE. Carderock Capital Management Inc. lifted its holdings in shares of Adobe by 133.8% during the first quarter. Carderock Capital Management Inc. now owns 11,479 shares of the software company’s stock valued at $3,059,000 after purchasing an additional 6,569 shares during the last quarter. Glaxis Capital Management LLC bought a new stake in shares of Adobe during the first quarter valued at approximately $1,892,000. Retirement Systems of Alabama increased its position in shares of Adobe by 0.6% during the first quarter. Retirement Systems of Alabama now owns 227,106 shares of the software company’s stock valued at $60,521,000 after acquiring an additional 1,294 shares in the last quarter. Sawtooth Solutions LLC increased its position in shares of Adobe by 41.6% during the first quarter. Sawtooth Solutions LLC now owns 5,957 shares of the software company’s stock valued at $1,587,000 after acquiring an additional 1,751 shares in the last quarter. Finally, Carillon Tower Advisers Inc. increased its position in shares of Adobe by 19.3% during the first quarter. Carillon Tower Advisers Inc. now owns 46,400 shares of the software company’s stock valued at $12,365,000 after acquiring an additional 7,500 shares in the last quarter. Institutional investors and hedge funds own 86.32% of the company’s stock.
In other news, EVP Ann Lewnes sold 3,000 shares of the business’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $307.13, for a total transaction of $921,390.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Dana Rao sold 2,832 shares of the business’s stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $303.36, for a total transaction of $859,115.52. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,627 shares of company stock valued at $8,638,724. 0.32% of the stock is currently owned by insiders.
NASDAQ:ADBE traded down $14.35 during trading hours on Monday, reaching $279.36. The company had a trading volume of 150,548 shares, compared to its average volume of 1,983,806. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.70 and a current ratio of 0.70. Adobe Inc has a 52 week low of $204.95 and a 52 week high of $313.11. The stock has a market cap of $142.58 billion, a price-to-earnings ratio of 50.37, a price-to-earnings-growth ratio of 2.67 and a beta of 1.08. The company’s 50 day simple moving average is $300.34.
Adobe (NASDAQ:ADBE) last posted its earnings results on Tuesday, June 18th. The software company reported $1.83 EPS for the quarter, topping analysts’ consensus estimates of $1.78 by $0.05. Adobe had a net margin of 26.25% and a return on equity of 29.96%. The business had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.70 billion. During the same quarter in the previous year, the firm posted $1.66 EPS. The firm’s revenue was up 25.0% on a year-over-year basis. On average, equities research analysts predict that Adobe Inc will post 6.3 earnings per share for the current year.
Several equities research analysts recently weighed in on ADBE shares. JPMorgan Chase & Co. raised their price target on shares of Adobe from $284.00 to $329.00 and gave the company a “neutral” rating in a research report on Wednesday, June 19th. BMO Capital Markets raised their price target on shares of Adobe from $300.00 to $315.00 and gave the company an “outperform” rating in a research report on Wednesday, June 19th. Bank of America raised their price target on shares of Adobe from $312.00 to $323.00 and gave the company a “buy” rating in a research report on Wednesday, June 19th. Credit Suisse Group raised their price target on shares of Adobe from $300.00 to $325.00 and gave the company a “positive” rating in a research report on Wednesday, June 19th. Finally, KeyCorp reissued a “hold” rating on shares of Adobe in a research report on Wednesday, June 19th. Ten investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $300.70.
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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