Granite Investment Advisors LLC boosted its holdings in shares of Adobe Inc (NASDAQ:ADBE) by 3.7% during the first quarter, Holdings Channel.com reports. The institutional investor owned 11,518 shares of the software company’s stock after buying an additional 412 shares during the period. Granite Investment Advisors LLC’s holdings in Adobe were worth $3,665,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in the business. Nicholas Hoffman & Company LLC. lifted its holdings in Adobe by 2.6% during the 1st quarter. Nicholas Hoffman & Company LLC. now owns 1,131 shares of the software company’s stock worth $360,000 after buying an additional 29 shares in the last quarter. Philadelphia Trust Co. grew its stake in shares of Adobe by 1.3% during the fourth quarter. Philadelphia Trust Co. now owns 2,300 shares of the software company’s stock worth $759,000 after purchasing an additional 30 shares in the last quarter. Pettyjohn Wood & White Inc. increased its holdings in Adobe by 0.4% in the fourth quarter. Pettyjohn Wood & White Inc. now owns 7,022 shares of the software company’s stock valued at $2,316,000 after buying an additional 30 shares during the last quarter. Laurel Wealth Advisors LLC raised its stake in Adobe by 50.0% in the first quarter. Laurel Wealth Advisors LLC now owns 96 shares of the software company’s stock valued at $31,000 after buying an additional 32 shares in the last quarter. Finally, GFG Capital LLC lifted its holdings in Adobe by 1.1% during the 1st quarter. GFG Capital LLC now owns 3,015 shares of the software company’s stock worth $959,000 after buying an additional 33 shares during the last quarter. Institutional investors own 84.25% of the company’s stock.
In other news, EVP Scott Belsky sold 600 shares of the stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $335.34, for a total transaction of $201,204.00. Following the completion of the transaction, the executive vice president now directly owns 13,055 shares of the company’s stock, valued at approximately $4,377,863.70. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CMO Ann Lewnes sold 5,000 shares of the stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $306.97, for a total value of $1,534,850.00. Following the transaction, the chief marketing officer now directly owns 59,565 shares of the company’s stock, valued at $18,284,668.05. The disclosure for this sale can be found here. Over the last three months, insiders have sold 31,223 shares of company stock valued at $11,740,621. Company insiders own 0.31% of the company’s stock.
A number of research analysts have recently commented on ADBE shares. Cfra dropped their price objective on Adobe from $365.00 to $359.00 and set a “buy” rating on the stock in a report on Tuesday, March 17th. Zacks Investment Research downgraded Adobe from a “hold” rating to a “sell” rating and set a $421.00 price objective on the stock. in a report on Tuesday, June 16th. Oppenheimer increased their price objective on Adobe from $410.00 to $430.00 and gave the company an “outperform” rating in a report on Thursday, June 11th. Cowen increased their price objective on Adobe from $365.00 to $400.00 and gave the company a “market perform” rating in a report on Friday, June 12th. Finally, BMO Capital Markets increased their price objective on Adobe from $375.00 to $440.00 and gave the company an “outperform” rating in a report on Friday, June 12th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $403.50.
Adobe stock traded up $2.48 during mid-day trading on Tuesday, reaching $441.12. 132,181 shares of the company were exchanged, compared to its average volume of 3,266,606. Adobe Inc has a twelve month low of $255.13 and a twelve month high of $438.95. The firm’s 50-day simple moving average is $384.56 and its two-hundred day simple moving average is $347.74. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.23 and a current ratio of 1.29. The firm has a market cap of $206.22 billion, a PE ratio of 58.47, a price-to-earnings-growth ratio of 3.32 and a beta of 0.92.
Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, June 11th. The software company reported $2.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.33 by $0.12. The business had revenue of $3.13 billion during the quarter, compared to the consensus estimate of $3.16 billion. Adobe had a return on equity of 35.53% and a net margin of 30.72%. The company’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.83 EPS. As a group, equities research analysts anticipate that Adobe Inc will post 8.05 EPS for the current year.
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.
Recommended Story: What are the Different Types of Leveraged Buyouts?
Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc (NASDAQ:ADBE).
Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.