Rossmore Private Capital acquired a new stake in shares of Adobe Inc (NASDAQ:ADBE) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 810 shares of the software company’s stock, valued at approximately $216,000.
Several other institutional investors have also recently modified their holdings of the company. Oregon Public Employees Retirement Fund lifted its stake in Adobe by 24,198.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 38,660,570 shares of the software company’s stock worth $171,000 after purchasing an additional 38,501,463 shares during the last quarter. Lunia Capital LP raised its stake in shares of Adobe by 23,384.5% during the fourth quarter. Lunia Capital LP now owns 8,928,109 shares of the software company’s stock valued at $8,928,000 after acquiring an additional 8,890,092 shares in the last quarter. Norges Bank bought a new stake in shares of Adobe during the fourth quarter valued at approximately $981,259,000. Fisher Asset Management LLC raised its stake in shares of Adobe by 298.2% during the fourth quarter. Fisher Asset Management LLC now owns 1,627,565 shares of the software company’s stock valued at $368,220,000 after acquiring an additional 1,218,872 shares in the last quarter. Finally, Amundi Pioneer Asset Management Inc. raised its stake in shares of Adobe by 54.9% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 2,369,516 shares of the software company’s stock valued at $536,079,000 after acquiring an additional 839,989 shares in the last quarter. Hedge funds and other institutional investors own 85.89% of the company’s stock.
In related news, EVP Ann Lewnes sold 3,000 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $269.82, for a total transaction of $809,460.00. Following the completion of the sale, the executive vice president now owns 61,458 shares of the company’s stock, valued at approximately $16,582,597.56. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director John E. Warnock sold 1,177 shares of the company’s stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $269.47, for a total transaction of $317,166.19. Following the sale, the director now directly owns 16,088 shares of the company’s stock, valued at approximately $4,335,233.36. 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. Insiders own 0.32% of the company’s stock.
Shares of ADBE traded down $4.87 during mid-day trading on Wednesday, hitting $273.38. 1,805,400 shares of the company were exchanged, compared to its average volume of 2,776,011. Adobe Inc has a 1-year low of $204.95 and a 1-year 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 $133.76 billion, a PE ratio of 49.26, a price-to-earnings-growth ratio of 2.68 and a beta of 1.11.
Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 14th. The software company reported $1.37 earnings per share for the quarter, missing the 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 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 company earned $1.55 EPS. The firm’s revenue for the quarter was up 24.1% on a year-over-year basis. As a group, sell-side analysts expect that Adobe Inc will post 6.24 earnings per share for the current year.
Several brokerages recently issued reports on ADBE. BidaskClub raised shares of Adobe from a “buy” rating to a “strong-buy” rating in a report on Tuesday, April 30th. Morgan Stanley raised shares of Adobe from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $282.00 to $340.00 in a report on Monday, April 29th. Zacks Investment Research raised shares of Adobe from a “hold” rating to a “buy” rating and set a $300.00 price objective on the stock in a report on Tuesday, May 14th. Robert W. Baird lifted their price target on shares of Adobe from $290.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, March 15th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $280.00 price target on shares of Adobe in a report on Friday, March 29th. Nine equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $289.63.
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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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