CENTRAL TRUST Co grew its position in shares of Adobe Inc (NASDAQ:ADBE) by 18.2% during the first quarter, according to its most recent filing with the SEC. The firm owned 14,984 shares of the software company’s stock after acquiring an additional 2,307 shares during the period. CENTRAL TRUST Co’s holdings in Adobe were worth $3,994,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the business. Blue Fin Capital Inc. purchased a new position in shares of Adobe during the 3rd quarter worth approximately $406,000. Kentucky Retirement Systems purchased a new stake in shares of Adobe in the 3rd quarter worth approximately $2,298,000. Nordea Investment Management AB grew its stake in shares of Adobe by 72.3% in the 3rd quarter. Nordea Investment Management AB now owns 877,299 shares of the software company’s stock worth $236,826,000 after buying an additional 368,128 shares during the last quarter. B. Riley Wealth Management Inc. purchased a new stake in shares of Adobe in the 3rd quarter worth approximately $367,000. Finally, NorthCoast Asset Management LLC grew its stake in shares of Adobe by 2.5% in the 3rd quarter. NorthCoast Asset Management LLC now owns 57,209 shares of the software company’s stock worth $15,444,000 after buying an additional 1,383 shares during the last quarter. Hedge funds and other institutional investors own 85.58% of the company’s stock.
ADBE stock traded up $0.52 during trading on Friday, reaching $274.77. The company’s stock had a trading volume of 1,785,361 shares, compared to its average volume of 2,788,719. Adobe Inc has a 1 year low of $204.95 and a 1 year high of $291.70. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market capitalization of $134.63 billion, a PE ratio of 49.51, a PEG ratio of 2.72 and a beta of 1.11.
Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $1.37 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.62 by ($0.25). Adobe had a return on equity of 30.60% and a net margin of 28.08%. The business had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $2.55 billion. During the same quarter in the previous year, the company posted $1.55 EPS. The company’s quarterly revenue was up 24.1% on a year-over-year basis. On average, sell-side analysts forecast that Adobe Inc will post 6.24 EPS for the current fiscal year.
In other news, CMO Ann Lewnes sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $260.54, for a total transaction of $781,620.00. Following the completion of the transaction, the chief marketing officer now owns 69,368 shares in the company, valued at $18,073,138.72. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Donna Morris sold 10,000 shares of the firm’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $290.00, for a total value of $2,900,000.00. The disclosure for this sale can be found here. Insiders sold a total of 56,936 shares of company stock valued at $15,516,808 in the last quarter. 0.32% of the stock is currently owned by company insiders.
Several equities analysts recently issued reports on the company. Zacks Investment Research cut Adobe from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. BidaskClub raised Adobe from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, April 30th. Morgan Stanley raised Adobe from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $282.00 to $340.00 in a research report on Monday, April 29th. Rosenblatt Securities reissued a “buy” rating and set a $280.00 price target on shares of Adobe in a report on Friday, March 29th. Finally, Barclays reissued a “buy” rating and set a $304.00 price target on shares of Adobe in a report on Monday, March 18th. Nine investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. Adobe has an average rating of “Buy” and an average price target of $289.63.
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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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