Calton & Associates Inc. lifted its holdings in shares of Adobe Inc (NASDAQ:ADBE) by 24.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,484 shares of the software company’s stock after purchasing an additional 676 shares during the quarter. Calton & Associates Inc.’s holdings in Adobe were worth $928,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Liberty Wealth Management LLC purchased a new stake in Adobe in the fourth quarter worth approximately $30,000. Barnett & Company Inc. purchased a new stake in Adobe in the fourth quarter worth approximately $32,000. Ruggie Capital Group purchased a new stake in Adobe in the fourth quarter worth approximately $33,000. Nalls Sherbakoff Group LLC purchased a new stake in Adobe in the fourth quarter worth approximately $34,000. Finally, Canton Hathaway LLC purchased a new stake in Adobe in the first quarter worth approximately $35,000. 86.40% of the stock is owned by institutional investors.
Shares of Adobe stock traded up $3.75 during midday trading on Wednesday, reaching $281.82. 1,337,443 shares of the company’s stock traded hands, compared to its average volume of 2,798,848. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.33. The company has a market cap of $133.51 billion, a PE ratio of 50.78, a P/E/G ratio of 2.73 and a beta of 1.11. Adobe Inc has a 12 month low of $204.95 and a 12 month high of $291.70.
Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $1.37 EPS for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.25). The business had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $2.55 billion. Adobe had a net margin of 28.08% and a return on equity of 30.60%. Adobe’s revenue was up 24.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.55 EPS. On average, research analysts anticipate that Adobe Inc will post 6.24 earnings per share for the current year.
Several brokerages have issued reports on ADBE. Zacks Investment Research raised Adobe from a “hold” rating to a “buy” rating and set a $300.00 target price for the company in a research note on Tuesday, May 14th. BidaskClub raised Adobe from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, April 30th. Barclays reaffirmed a “buy” rating and issued a $304.00 target price on shares of Adobe in a research note on Monday, March 18th. DZ Bank reaffirmed a “hold” rating on shares of Adobe in a research note on Friday, February 22nd. Finally, Canaccord Genuity increased their price objective on Adobe from $290.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, March 15th. Nine research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $289.63.
In other Adobe news, EVP Ann Lewnes sold 3,000 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $269.82, for a total value of $809,460.00. Following the completion of the transaction, the executive vice president now owns 61,458 shares in the company, valued at $16,582,597.56. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Dana Rao sold 5,955 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $255.08, for a total value of $1,519,001.40. Following the completion of the transaction, the executive vice president now owns 17,087 shares of the company’s stock, valued at approximately $4,358,551.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 56,936 shares of company stock valued at $15,516,808. 0.32% of the stock is owned by corporate insiders.
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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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