Assenagon Asset Management S.A. lifted its stake in Adobe Inc (NASDAQ:ADBE) by 4.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 190,644 shares of the software company’s stock after buying an additional 7,550 shares during the period. Assenagon Asset Management S.A.’s holdings in Adobe were worth $62,876,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cibc Bank USA increased its holdings in Adobe by 29.0% during the 3rd quarter. Cibc Bank USA now owns 1,694 shares of the software company’s stock valued at $468,000 after purchasing an additional 381 shares during the period. RDA Financial Network increased its holdings in Adobe by 2.1% during the 3rd quarter. RDA Financial Network now owns 3,982 shares of the software company’s stock valued at $1,197,000 after purchasing an additional 83 shares during the period. Keybank National Association OH increased its holdings in Adobe by 2.6% during the 3rd quarter. Keybank National Association OH now owns 44,059 shares of the software company’s stock valued at $12,171,000 after purchasing an additional 1,123 shares during the period. Bogart Wealth LLC increased its holdings in Adobe by 3.0% during the 3rd quarter. Bogart Wealth LLC now owns 2,422 shares of the software company’s stock valued at $669,000 after purchasing an additional 71 shares during the period. Finally, Covington Capital Management increased its holdings in Adobe by 0.7% during the 3rd quarter. Covington Capital Management now owns 5,910 shares of the software company’s stock valued at $1,633,000 after purchasing an additional 43 shares during the period. Hedge funds and other institutional investors own 84.84% of the company’s stock.
Shares of ADBE stock traded up $2.73 during midday trading on Friday, reaching $348.11. 95,845 shares of the stock were exchanged, compared to its average volume of 1,791,495. Adobe Inc has a 1 year low of $237.26 and a 1 year high of $347.27. The company’s 50 day moving average is $323.98 and its two-hundred day moving average is $297.13. The company has a current ratio of 0.79, a quick ratio of 0.74 and a debt-to-equity ratio of 0.09. The firm has a market cap of $166.83 billion, a PE ratio of 53.07, a price-to-earnings-growth ratio of 2.65 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 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 firm had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.97 billion. During the same quarter in the prior year, the business earned $1.83 EPS. The business’s revenue for the quarter was up 21.4% on a year-over-year basis. As a group, equities analysts expect that Adobe Inc will post 8.02 EPS for the current fiscal year.
In other news, Director John E. Warnock sold 1,600 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $345.38, for a total value of $552,608.00. Following the sale, the director now directly owns 16,088 shares of the company’s stock, valued at approximately $5,556,473.44. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CMO Ann Lewnes sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $300.54, for a total value of $901,620.00. Following the completion of the sale, the chief marketing officer now directly owns 45,528 shares in the company, valued at $13,682,985.12. The disclosure for this sale can be found here. Over the last three months, insiders sold 37,312 shares of company stock worth $12,297,624. Insiders own 0.32% of the company’s stock.
A number of research analysts recently issued reports on the company. Canaccord Genuity boosted their price target on Adobe from $320.00 to $350.00 and gave the company a “buy” rating in a report on Friday, December 13th. Barclays restated a “neutral” rating and set a $330.00 price target on shares of Adobe in a report on Monday, December 16th. Stifel Nicolaus boosted their price target on Adobe from $325.00 to $350.00 and gave the company a “buy” rating in a report on Friday, December 13th. Wells Fargo & Co boosted their price target on Adobe from $315.00 to $345.00 and gave the company an “equal weight” rating in a report on Thursday. Finally, Piper Jaffray Companies boosted their price target on Adobe from $339.00 to $360.00 and gave the company an “overweight” rating in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eighteen have issued a buy rating to the stock. Adobe has a consensus rating of “Buy” and a consensus price target of $336.28.
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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