Oakbrook Investments LLC raised its holdings in shares of Adobe Inc (NASDAQ:ADBE) by 7.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,845 shares of the software company’s stock after acquiring an additional 1,575 shares during the period. Oakbrook Investments LLC’s holdings in Adobe were worth $7,026,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of ADBE. New Amsterdam Partners LLC NY raised its stake in shares of Adobe by 2.5% in the first quarter. New Amsterdam Partners LLC NY now owns 1,458 shares of the software company’s stock worth $389,000 after purchasing an additional 36 shares during the last quarter. Rockland Trust Co. grew its holdings in Adobe by 1.3% in the second quarter. Rockland Trust Co. now owns 2,965 shares of the software company’s stock valued at $874,000 after purchasing an additional 37 shares during the period. Zions Bancorporation N.A. grew its holdings in Adobe by 0.8% in the second quarter. Zions Bancorporation N.A. now owns 4,559 shares of the software company’s stock valued at $1,343,000 after purchasing an additional 38 shares during the period. Wedgewood Investors Inc. PA grew its holdings in Adobe by 3.5% in the first quarter. Wedgewood Investors Inc. PA now owns 1,139 shares of the software company’s stock valued at $304,000 after purchasing an additional 39 shares during the period. Finally, Associated Banc Corp grew its holdings in Adobe by 1.1% in the first quarter. Associated Banc Corp now owns 3,537 shares of the software company’s stock valued at $943,000 after purchasing an additional 39 shares during the period. Institutional investors and hedge funds own 86.28% of the company’s stock.
ADBE traded up $2.53 during trading on Friday, hitting $311.26. 99,909 shares of the company traded hands, compared to its average volume of 1,842,391. The firm has a market capitalization of $151.12 billion, a price-to-earnings ratio of 56.08, a P/E/G ratio of 2.82 and a beta of 1.10. The firm’s fifty day moving average price is $295.97. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.10. Adobe Inc has a one year low of $204.95 and a one year high of $313.11.
Adobe (NASDAQ:ADBE) last announced its earnings results on Tuesday, June 18th. The software company reported $1.83 EPS for the quarter, beating analysts’ consensus estimates of $1.78 by $0.05. The firm had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.70 billion. Adobe had a return on equity of 29.96% and a net margin of 26.25%. Adobe’s quarterly revenue was up 25.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.66 EPS. On average, research analysts anticipate that Adobe Inc will post 6.3 earnings per share for the current fiscal year.
Several research firms have recently weighed in on ADBE. Barclays restated a “top pick” rating and issued a GBX 3,250 ($42.47) target price on shares of in a research report on Wednesday, June 19th. KeyCorp set a $20.00 target price on Brixmor Property Group and gave the company a “buy” rating in a research report on Wednesday, June 19th. Wells Fargo & Co set a $45.00 price objective on Perrigo and gave the stock a “hold” rating in a research report on Wednesday, June 19th. Rosenblatt Securities initiated coverage on Arista Networks in a research note on Friday, March 29th. They issued a “neutral” rating and a $330.00 price objective for the company. Finally, Royal Bank of Canada lowered their price target on shares of from GBX 845 ($11.04) to GBX 800 ($10.45) and set an “outperform” rating on the stock in a report on Wednesday, June 19th. Nine investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $300.70.
In other Adobe news, Director Charles M. Geschke sold 13,795 shares of the stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $289.96, for a total value of $3,999,998.20. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Ann Lewnes sold 3,000 shares of the stock in a transaction on 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 sale, the executive vice president now owns 61,458 shares in the company, valued at $16,582,597.56. The disclosure for this sale can be found here. In the last ninety days, insiders sold 36,795 shares of company stock valued at $10,679,608. 0.32% of the stock is owned by company insiders.
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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