Carret Asset Management LLC trimmed its holdings in shares of Adobe Inc (NASDAQ:ADBE) by 7.6% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,528 shares of the software company’s stock after selling 375 shares during the period. Carret Asset Management LLC’s holdings in Adobe were worth $1,441,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in the company. Change Path LLC increased its position in Adobe by 9.0% in the 4th quarter. Change Path LLC now owns 2,651 shares of the software company’s stock valued at $874,000 after buying an additional 218 shares in the last quarter. Dai Ichi Life Insurance Company Ltd grew its stake in Adobe by 5.8% in the fourth quarter. Dai Ichi Life Insurance Company Ltd now owns 49,392 shares of the software company’s stock valued at $16,290,000 after acquiring an additional 2,714 shares during the period. Blue Whale Capital LLP bought a new stake in shares of Adobe during the fourth quarter valued at approximately $19,589,000. Atlas Private Wealth Management acquired a new position in shares of Adobe during the fourth quarter worth approximately $1,672,000. Finally, Bluefin Trading LLC bought a new position in shares of Adobe in the 4th quarter worth $4,223,000. 84.25% of the stock is owned by institutional investors.
In related news, EVP Dana Rao sold 2,025 shares of the firm’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $411.61, for a total value of $833,510.25. Following the completion of the transaction, the executive vice president now directly owns 17,198 shares of the company’s stock, valued at $7,078,868.78. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director John E. Warnock sold 12,500 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $410.75, for a total transaction of $5,134,375.00. Following the completion of the sale, the director now owns 18,882 shares in the company, valued at approximately $7,755,781.50. The disclosure for this sale can be found here. Insiders sold 31,223 shares of company stock worth $11,740,621 over the last quarter. 0.31% of the stock is owned by company insiders.
Shares of ADBE stock traded up $3.30 during mid-day trading on Tuesday, hitting $441.94. The company had a trading volume of 2,028,775 shares, compared to its average volume of 3,266,606. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.29 and a quick ratio of 1.23. The stock’s 50 day moving average price is $384.56 and its 200-day moving average price is $347.74. Adobe Inc has a 52-week low of $255.13 and a 52-week high of $438.95. The company has a market capitalization of $206.22 billion, a P/E ratio of 58.47, a P/E/G ratio of 3.32 and a beta of 0.92.
Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, June 11th. The software company reported $2.45 EPS for the quarter, topping the consensus estimate of $2.33 by $0.12. Adobe had a net margin of 30.72% and a return on equity of 35.53%. The business had revenue of $3.13 billion for the quarter, compared to analysts’ expectations of $3.16 billion. During the same quarter in the previous year, the company earned $1.83 EPS. The business’s quarterly revenue was up 14.1% compared to the same quarter last year. On average, equities research analysts expect that Adobe Inc will post 8.05 earnings per share for the current year.
ADBE has been the topic of several research reports. UBS Group upped their price objective on shares of Adobe from $344.00 to $450.00 and gave the stock a “buy” rating in a report on Monday, June 8th. Barclays reiterated a “buy” rating and issued a $450.00 target price on shares of Adobe in a research note on Wednesday, June 10th. JPMorgan Chase & Co. raised their price target on shares of Adobe from $325.00 to $430.00 and gave the company an “overweight” rating in a research report on Friday, June 12th. Cfra reduced their price objective on shares of Adobe from $365.00 to $359.00 and set a “buy” rating for the company in a research report on Tuesday, March 17th. Finally, BMO Capital Markets boosted their target price on Adobe from $375.00 to $440.00 and gave the stock an “outperform” rating in a research note on Friday, June 12th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $403.50.
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.
Further Reading: Diluted Earnings Per Share
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