Daiwa Securities Group Inc. decreased its position in shares of Adobe Inc (NASDAQ:ADBE) by 24.5% during the first quarter, according to its most recent filing with the SEC. The firm owned 32,013 shares of the software company’s stock after selling 10,416 shares during the period. Daiwa Securities Group Inc.’s holdings in Adobe were worth $8,531,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of ADBE. Blue Fin Capital Inc. purchased a new stake in Adobe during the third quarter valued at about $406,000. Kentucky Retirement Systems purchased a new stake in shares of Adobe in the third quarter worth approximately $2,298,000. Nordea Investment Management AB lifted its position in shares of Adobe by 72.3% in the third quarter. Nordea Investment Management AB now owns 877,299 shares of the software company’s stock worth $236,826,000 after purchasing an additional 368,128 shares in the last quarter. B. Riley Wealth Management Inc. purchased a new stake in shares of Adobe in the third quarter worth approximately $367,000. Finally, NorthCoast Asset Management LLC lifted its position in shares of Adobe by 2.5% in the third quarter. NorthCoast Asset Management LLC now owns 57,209 shares of the software company’s stock worth $15,444,000 after purchasing an additional 1,383 shares in the last quarter. Hedge funds and other institutional investors own 85.58% of the company’s stock.
In other Adobe news, EVP Dana Rao sold 5,955 shares of the stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $255.08, for a total transaction of $1,519,001.40. Following the transaction, the executive vice president now owns 17,087 shares in the company, valued at $4,358,551.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John E. Warnock sold 2,000 shares of the stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $260.47, for a total value of $520,940.00. Following the completion of the sale, the director now directly owns 16,088 shares of the company’s stock, valued at $4,190,441.36. The disclosure for this sale can be found here. In the last quarter, insiders have sold 56,936 shares of company stock worth $15,516,808. Corporate insiders own 0.32% of the company’s stock.
ADBE stock traded up $0.52 during midday trading on Friday, hitting $274.77. 1,785,361 shares of the company traded hands, compared to its average volume of 2,788,719. Adobe Inc has a twelve month low of $204.95 and a twelve month high of $291.70. 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 $134.63 billion, a PE ratio of 49.51, a price-to-earnings-growth ratio of 2.72 and a beta of 1.11.
Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, March 14th. The software company reported $1.37 EPS for the quarter, missing the consensus estimate of $1.62 by ($0.25). Adobe had a net margin of 28.08% and a return on equity of 30.60%. The company had revenue of $2.58 billion for the quarter, compared to analyst estimates of $2.55 billion. During the same quarter last year, the business earned $1.55 EPS. The company’s revenue for the quarter was up 24.1% on a year-over-year basis. As a group, equities analysts expect that Adobe Inc will post 6.24 EPS for the current fiscal year.
A number of analysts have recently issued reports on ADBE shares. BidaskClub lowered shares of Adobe from a “buy” rating to a “hold” rating in a research report on Wednesday, February 20th. Rosenblatt Securities reissued a “buy” rating and issued a $280.00 price target on shares of Adobe in a research report on Friday, March 29th. Canaccord Genuity increased their price target on shares of Adobe from $290.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. DZ Bank reissued a “hold” rating on shares of Adobe in a research report on Friday, February 22nd. Finally, Credit Suisse Group restated a “buy” rating and issued a $300.00 price objective on shares of Adobe in a report on Friday, January 25th. Nine analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $289.63.
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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