Global Trust Asset Management LLC raised its position in Adobe Inc (NASDAQ:ADBE) by 105.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 409 shares of the software company’s stock after purchasing an additional 210 shares during the quarter. Global Trust Asset Management LLC’s holdings in Adobe were worth $93,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of the stock. First Hawaiian Bank raised its position in Adobe by 20.0% in the 4th quarter. First Hawaiian Bank now owns 16,012 shares of the software company’s stock worth $3,623,000 after purchasing an additional 2,674 shares during the period. State of Alaska Department of Revenue grew its stake in Adobe by 2.2% in the 4th quarter. State of Alaska Department of Revenue now owns 78,854 shares of the software company’s stock worth $17,837,000 after acquiring an additional 1,700 shares in the last quarter. Vision Capital Management Inc. grew its stake in Adobe by 41.5% in the 4th quarter. Vision Capital Management Inc. now owns 17,273 shares of the software company’s stock worth $3,908,000 after acquiring an additional 5,065 shares in the last quarter. Spence Asset Management grew its stake in Adobe by 3.9% in the 4th quarter. Spence Asset Management now owns 26,689 shares of the software company’s stock worth $6,038,000 after acquiring an additional 1,011 shares in the last quarter. Finally, Moody National Bank Trust Division grew its stake in Adobe by 0.3% in the 4th quarter. Moody National Bank Trust Division now owns 75,565 shares of the software company’s stock worth $17,096,000 after acquiring an additional 197 shares in the last quarter. 84.60% of the stock is currently owned by institutional investors.
A number of equities analysts have commented on ADBE shares. KeyCorp dropped their target price on shares of Adobe from $286.00 to $282.00 and set an “overweight” rating on the stock in a research note on Friday, December 14th. Barclays upped their target price on shares of Adobe from $297.00 to $304.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 16th. Argus upped their target price on shares of Adobe from $289.00 to $320.00 and gave the stock a “buy” rating in a research note on Monday, September 17th. Zacks Investment Research upgraded shares of Adobe from a “hold” rating to a “buy” rating and set a $305.00 target price on the stock in a research note on Thursday, October 4th. Finally, BidaskClub downgraded shares of Adobe from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 22nd. Nine equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. Adobe has a consensus rating of “Buy” and a consensus price target of $275.14.
In other Adobe news, Director Charles M. Geschke sold 21,258 shares of the firm’s stock in a transaction that occurred on Tuesday, January 8th. The shares were sold at an average price of $232.71, for a total value of $4,946,949.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ann Lewnes sold 2,910 shares of the firm’s stock in a transaction that occurred on Wednesday, October 17th. The shares were sold at an average price of $261.21, for a total transaction of $760,121.10. Following the completion of the sale, the executive vice president now owns 55,647 shares of the company’s stock, valued at $14,535,552.87. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 41,815 shares of company stock valued at $9,925,195. 0.33% of the stock is owned by insiders.
NASDAQ ADBE opened at $237.55 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.66 and a current ratio of 1.13. Adobe Inc has a 52-week low of $179.34 and a 52-week high of $277.61. The company has a market cap of $114.92 billion, a PE ratio of 42.80, a price-to-earnings-growth ratio of 2.31 and a beta of 1.16.
Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, December 13th. The software company reported $1.83 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.88 by ($0.05). The firm had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.43 billion. Adobe had a net margin of 28.69% and a return on equity of 31.19%. Adobe’s revenue was up 20.6% on a year-over-year basis. During the same quarter last year, the business earned $1.26 earnings per share. On average, equities analysts predict that Adobe Inc will post 6.21 earnings per share for the current 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 customers to download and install the latest versions of its creative products.
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