Chicago Partners Investment Group LLC lifted its holdings in Adobe Inc. (NASDAQ:ADBE) by 12.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,186 shares of the software company’s stock after buying an additional 475 shares during the quarter. Chicago Partners Investment Group LLC’s holdings in Adobe were worth $2,159,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of ADBE. McCollum Christoferson Group LLC grew its stake in shares of Adobe by 3.4% in the 1st quarter. McCollum Christoferson Group LLC now owns 610 shares of the software company’s stock worth $290,000 after buying an additional 20 shares during the last quarter. Bank of Stockton increased its stake in Adobe by 0.3% during the 1st quarter. Bank of Stockton now owns 7,461 shares of the software company’s stock valued at $3,546,000 after purchasing an additional 20 shares in the last quarter. Spotlight Asset Group Inc. raised its holdings in Adobe by 3.0% in the first quarter. Spotlight Asset Group Inc. now owns 713 shares of the software company’s stock worth $339,000 after buying an additional 21 shares during the last quarter. Lantz Financial LLC increased its position in shares of Adobe by 2.5% during the first quarter. Lantz Financial LLC now owns 855 shares of the software company’s stock valued at $406,000 after acquiring an additional 21 shares in the last quarter. Finally, Baystate Wealth Management LLC lifted its position in Adobe by 10.5% in the 4th quarter. Baystate Wealth Management LLC now owns 231 shares of the software company’s stock valued at $116,000 after acquiring an additional 22 shares in the last quarter. 82.43% of the stock is owned by institutional investors.
NASDAQ ADBE opened at $503.46 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.48 and a quick ratio of 1.44. The stock’s 50 day simple moving average is $488.57 and its 200-day simple moving average is $479.62. The company has a market cap of $240.65 billion, a PE ratio of 46.44, a price-to-earnings-growth ratio of 2.55 and a beta of 0.97. Adobe Inc. has a 1-year low of $340.00 and a 1-year high of $536.88.
Adobe (NASDAQ:ADBE) last announced its earnings results on Monday, March 22nd. The software company reported $3.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.79 by $0.35. The company had revenue of $3.91 billion for the quarter, compared to analysts’ expectations of $3.76 billion. Adobe had a net margin of 40.88% and a return on equity of 35.81%. The firm’s quarterly revenue was up 26.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.27 EPS. On average, equities research analysts anticipate that Adobe Inc. will post 9.47 EPS for the current fiscal year.
A number of brokerages have weighed in on ADBE. Wedbush boosted their target price on Adobe from $410.00 to $510.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 3rd. Bank of America reiterated a “buy” rating and set a $570.00 price objective on shares of Adobe in a research report on Wednesday, April 14th. Stifel Nicolaus began coverage on shares of Adobe in a report on Friday, January 15th. They issued a “buy” rating on the stock. Griffin Securities reiterated a “buy” rating and issued a $597.00 price target on shares of Adobe in a research report on Wednesday, March 3rd. Finally, Morgan Stanley lifted their target price on Adobe from $560.00 to $575.00 and gave the company an “overweight” rating in a research report on Tuesday, March 30th. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $551.68.
In other news, Director John E. Warnock sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, April 19th. The stock was sold at an average price of $517.25, for a total value of $1,293,125.00. Following the completion of the sale, the director now directly owns 18,882 shares in the company, valued at $9,766,714.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Abhay Parasnis sold 4,000 shares of the stock in a transaction that occurred on Wednesday, February 10th. The shares were sold at an average price of $499.17, for a total value of $1,996,680.00. Following the completion of the sale, the executive vice president now directly owns 43,746 shares of the company’s stock, valued at approximately $21,836,690.82. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 13,836 shares of company stock valued at $7,093,673. 0.31% of the stock is owned by corporate insiders.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, 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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