Newport Wealth Strategies Inc. lowered its position in shares of Adobe Inc (NASDAQ:ADBE) by 28.5% during the third quarter, Holdings Channel reports. The fund owned 1,002 shares of the software company’s stock after selling 400 shares during the quarter. Newport Wealth Strategies Inc.’s holdings in Adobe were worth $277,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. RDA Financial Network raised its holdings in shares of Adobe by 9.4% during the second quarter. RDA Financial Network now owns 3,899 shares of the software company’s stock valued at $1,181,000 after acquiring an additional 334 shares during the period. Cedar Capital LLC raised its holdings in shares of Adobe by 43.9% during the second quarter. Cedar Capital LLC now owns 9,273 shares of the software company’s stock valued at $2,732,000 after acquiring an additional 2,829 shares during the period. Sawtooth Solutions LLC raised its holdings 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 during the period. Ellington Management Group LLC raised its holdings in shares of Adobe by 17.2% during the second quarter. Ellington Management Group LLC now owns 3,400 shares of the software company’s stock valued at $1,002,000 after acquiring an additional 500 shares during the period. Finally, Cetera Advisors LLC raised its holdings in shares of Adobe by 32.3% during the second quarter. Cetera Advisors LLC now owns 3,185 shares of the software company’s stock valued at $940,000 after acquiring an additional 778 shares during the period. Institutional investors and hedge funds own 86.27% of the company’s stock.
ADBE traded up $3.44 on Wednesday, reaching $274.27. 1,359,368 shares of the company traded hands, compared to its average volume of 2,736,431. The stock’s 50 day moving average price is $280.36 and its 200-day moving average price is $283.32. Adobe Inc has a 52-week low of $204.95 and a 52-week high of $313.11. The company has a market cap of $134.07 billion, a price-to-earnings ratio of 49.42, a PEG ratio of 2.67 and a beta of 1.09. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.74 and a quick ratio of 0.74.
Adobe (NASDAQ:ADBE) last posted its earnings results on Tuesday, September 17th. The software company reported $2.05 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.97 by $0.08. The company had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.82 billion. Adobe had a net margin of 26.10% and a return on equity of 30.49%. The company’s revenue for the quarter was up 23.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.73 earnings per share. As a group, equities research analysts forecast that Adobe Inc will post 6.38 earnings per share for the current fiscal year.
A number of equities research analysts have recently issued reports on ADBE shares. Barclays boosted their price target on shares of Adobe from $304.00 to $330.00 and gave the company an “overweight” rating in a report on Wednesday, June 19th. Nomura lowered their price objective on shares of Adobe from $315.00 to $310.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. Wedbush reaffirmed a “hold” rating and set a $290.00 price objective on shares of Adobe in a research report on Wednesday, September 18th. BidaskClub downgraded shares of Adobe from a “hold” rating to a “sell” rating in a research report on Wednesday, September 11th. Finally, Griffin Securities boosted their price objective on shares of Adobe from $303.00 to $317.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $302.65.
In other Adobe news, EVP Dana Rao sold 2,832 shares of the business’s stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $303.36, for a total value of $859,115.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CMO Ann Lewnes sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $274.34, for a total transaction of $823,020.00. Following the completion of the sale, the chief marketing officer now directly owns 52,398 shares of the company’s stock, valued at $14,374,867.32. The disclosure for this sale can be found here. Insiders sold 11,832 shares of company stock valued at $3,471,486 over the last three months. Insiders own 0.32% of the company’s stock.
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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