F3Logic LLC acquired a new position in shares of Adobe Inc (NASDAQ:ADBE) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,364 shares of the software company’s stock, valued at approximately $365,000.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Oregon Public Employees Retirement Fund lifted its position in shares of Adobe by 24,198.5% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 38,660,570 shares of the software company’s stock valued at $171,000 after purchasing an additional 38,501,463 shares in the last quarter. Vanguard Group Inc lifted its position in shares of Adobe by 1.0% during the third quarter. Vanguard Group Inc now owns 37,046,965 shares of the software company’s stock valued at $10,000,828,000 after purchasing an additional 349,019 shares in the last quarter. Jennison Associates LLC lifted its position in shares of Adobe by 2.8% during the fourth quarter. Jennison Associates LLC now owns 9,101,137 shares of the software company’s stock valued at $2,059,041,000 after purchasing an additional 249,440 shares in the last quarter. Lunia Capital LP lifted its position 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 purchasing an additional 8,890,092 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Adobe by 11.2% during the fourth quarter. Geode Capital Management LLC now owns 6,579,460 shares of the software company’s stock valued at $1,486,028,000 after purchasing an additional 664,349 shares in the last quarter. Institutional investors own 85.89% of the company’s stock.
ADBE has been the topic of a number of recent analyst reports. Cowen lowered shares of Adobe from an “outperform” rating to a “market perform” rating and set a $280.00 price target on the stock. in a research report on Friday, February 15th. Morgan Stanley upgraded shares of Adobe from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $282.00 to $340.00 in a report on Monday, April 29th. Robert W. Baird raised their price objective on shares of Adobe from $290.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, March 15th. Rosenblatt Securities restated a “buy” rating and set a $280.00 price objective on shares of Adobe in a report on Friday, March 29th. Finally, BidaskClub upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Tuesday, March 26th. Nine research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. Adobe has an average rating of “Buy” and a consensus target price of $290.46.
In related news, EVP Donna Morris sold 15,000 shares of the company’s stock in a transaction dated Tuesday, April 23rd. The shares were sold at an average price of $275.00, for a total value of $4,125,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Ann Lewnes sold 3,000 shares of the company’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $269.82, for a total transaction of $809,460.00. Following the completion of the transaction, the executive vice president now owns 61,458 shares in the company, valued at approximately $16,582,597.56. The disclosure for this sale can be found here. Insiders sold a total of 56,936 shares of company stock worth $15,516,808 over the last ninety days. Insiders own 0.32% of the company’s stock.
Adobe stock traded down $2.02 during mid-day trading on Friday, reaching $274.28. 2,183,364 shares of the company traded hands, compared to its average volume of 2,748,096. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.33. The company has a market cap of $134.72 billion, a P/E ratio of 49.42, a PEG ratio of 2.70 and a beta of 1.12. Adobe Inc has a 52-week low of $204.95 and a 52-week high of $291.70.
Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, March 14th. The software company reported $1.37 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.62 by ($0.25). The business had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $2.55 billion. Adobe had a return on equity of 30.60% and a net margin of 28.08%. The firm’s quarterly revenue was up 24.1% compared to the same quarter last year. During the same period in the prior year, the company earned $1.55 earnings per share. Analysts predict that Adobe Inc will post 6.24 EPS for the current fiscal year.
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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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