Red Spruce Capital LLC acquired a new position in shares of Adobe Inc (NASDAQ:ADBE) during the fourth quarter, Holdings Channel.com reports. The fund acquired 1,219 shares of the software company’s stock, valued at approximately $402,000.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Cullinan Associates Inc. lifted its holdings in Adobe by 9.8% during the 4th quarter. Cullinan Associates Inc. now owns 36,609 shares of the software company’s stock worth $12,074,000 after purchasing an additional 3,279 shares in the last quarter. AE Wealth Management LLC lifted its holdings in Adobe by 18.8% during the 4th quarter. AE Wealth Management LLC now owns 11,897 shares of the software company’s stock worth $3,924,000 after purchasing an additional 1,885 shares in the last quarter. Wedge Capital Management L L P NC purchased a new stake in Adobe during the 4th quarter worth about $346,000. FormulaFolio Investments LLC lifted its holdings in Adobe by 3.0% during the 4th quarter. FormulaFolio Investments LLC now owns 2,382 shares of the software company’s stock worth $786,000 after purchasing an additional 70 shares in the last quarter. Finally, Ridgewood Investments LLC purchased a new stake in Adobe during the 4th quarter worth about $201,000. 84.84% of the stock is currently owned by institutional investors and hedge funds.
Shares of Adobe stock opened at $342.94 on Thursday. The company has a current ratio of 0.79, a quick ratio of 0.74 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $166.83 billion, a PE ratio of 52.28, a price-to-earnings-growth ratio of 2.65 and a beta of 1.11. The business’s 50-day moving average price is $323.24 and its 200-day moving average price is $296.87. Adobe Inc has a 12 month low of $237.26 and a 12 month high of $347.27.
Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, December 12th. The software company reported $2.29 EPS for the quarter, beating the consensus estimate of $2.26 by $0.03. The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.97 billion. Adobe had a return on equity of 31.47% and a net margin of 26.42%. The company’s revenue was up 21.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.83 EPS. As a group, analysts predict that Adobe Inc will post 8.02 earnings per share for the current fiscal year.
A number of analysts recently issued reports on ADBE shares. Wells Fargo & Co increased their price objective on Adobe from $315.00 to $345.00 and gave the stock an “equal weight” rating in a report on Thursday. Jefferies Financial Group restated a “buy” rating and issued a $390.00 target price (up from $370.00) on shares of Adobe in a research note on Thursday, January 9th. Canaccord Genuity upped their target price on Adobe from $320.00 to $350.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Piper Jaffray Companies upped their target price on Adobe from $339.00 to $360.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Finally, Argus restated a “buy” rating and issued a $368.00 target price on shares of Adobe in a research note on Monday, December 16th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and seventeen have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $333.21.
In other news, CAO Mark S. Garfield sold 948 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $319.27, for a total transaction of $302,667.96. Following the transaction, the chief accounting officer now directly owns 74 shares in the company, valued at approximately $23,625.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Ann Lewnes sold 3,000 shares of the stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $300.54, for a total value of $901,620.00. Following the transaction, the chief marketing officer now owns 45,528 shares in the company, valued at $13,682,985.12. The disclosure for this sale can be found here. Insiders have sold a total of 37,312 shares of company stock worth $12,297,624 over the last quarter. Corporate insiders own 0.32% of the company’s stock.
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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