Corbenic Partners LLC acquired a new position in Adobe Inc (NASDAQ:ADBE) during the 4th quarter, Holdings Channel.com reports. The institutional investor acquired 128 shares of the software company’s stock, valued at approximately $42,000.
Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in Adobe by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 38,052,601 shares of the software company’s stock valued at $11,212,199,000 after buying an additional 504,241 shares during the period. BlackRock Inc. boosted its stake in shares of Adobe by 2.7% in the 2nd quarter. BlackRock Inc. now owns 33,730,576 shares of the software company’s stock valued at $9,938,712,000 after purchasing an additional 887,115 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Adobe by 37.5% in the 2nd quarter. Invesco Ltd. now owns 7,973,766 shares of the software company’s stock valued at $2,349,470,000 after purchasing an additional 2,174,047 shares in the last quarter. Morgan Stanley boosted its stake in shares of Adobe by 13.2% in the 2nd quarter. Morgan Stanley now owns 6,950,101 shares of the software company’s stock valued at $2,047,848,000 after purchasing an additional 812,144 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in shares of Adobe by 1.4% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 6,810,109 shares of the software company’s stock valued at $1,881,292,000 after purchasing an additional 91,217 shares in the last quarter. 84.84% of the stock is currently owned by institutional investors and hedge funds.
In other Adobe news, Director Charles M. Geschke sold 16,764 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $332.00, for a total transaction of $5,565,648.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Charles M. Geschke sold 12,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $333.70, for a total value of $4,004,400.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,712 shares of company stock valued at $12,554,146. 0.32% of the stock is owned by company insiders.
NASDAQ ADBE traded up $0.91 during trading hours on Tuesday, reaching $346.54. 718,299 shares of the company’s stock were exchanged, compared to its average volume of 1,862,844. The company’s 50-day moving average is $321.72 and its two-hundred day moving average is $296.34. Adobe Inc has a one year low of $231.96 and a one year high of $345.73. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.74 and a current ratio of 0.79. The company has a market capitalization of $164.49 billion, a price-to-earnings ratio of 52.83, a price-to-earnings-growth ratio of 2.61 and a beta of 1.11.
Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, December 12th. The software company reported $2.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.26 by $0.03. Adobe had a return on equity of 31.47% and a net margin of 26.42%. The business had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.97 billion. During the same period in the prior year, the business earned $1.83 EPS. Adobe’s revenue for the quarter was up 21.4% compared to the same quarter last year. Research analysts predict that Adobe Inc will post 8.02 earnings per share for the current fiscal year.
Several brokerages have recently commented on ADBE. UBS Group restated a “buy” rating and issued a $360.00 target price on shares of Adobe in a research note on Friday, December 13th. Stephens set a $327.00 price target on shares of Adobe and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Citigroup upped their price target on shares of Adobe from $313.00 to $321.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. JMP Securities restated a “hold” rating on shares of Adobe in a research report on Wednesday, September 18th. Finally, Barclays restated a “neutral” rating and set a $330.00 target price on shares of Adobe in a research report on Monday, December 16th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seventeen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $331.96.
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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