Ropes Wealth Advisors LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 269.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 7,112 shares of the software company’s stock after buying an additional 5,188 shares during the period. Ropes Wealth Advisors LLC’s holdings in Adobe were worth $3,451,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Concord Wealth Partners acquired a new position in Adobe during the fourth quarter worth $32,000. Stuart Chaussee & Associates Inc. acquired a new position in shares of Adobe in the first quarter valued at $33,000. Carmichael Hill & Associates Inc. increased its holdings in shares of Adobe by 50.0% in the first quarter. Carmichael Hill & Associates Inc. now owns 75 shares of the software company’s stock valued at $36,000 after purchasing an additional 25 shares during the last quarter. Better Money Decisions LLC acquired a new position in shares of Adobe in the first quarter valued at $39,000. Finally, Curi Capital acquired a new position in shares of Adobe in the fourth quarter valued at $48,000. Institutional investors and hedge funds own 81.35% of the company’s stock.
ADBE has been the topic of several research reports. Griffin Securities reiterated a “buy” rating and issued a $597.00 price objective on shares of Adobe in a report on Wednesday, March 3rd. UBS Group reiterated a “buy” rating on shares of Adobe in a report on Thursday, April 8th. JPMorgan Chase & Co. boosted their target price on shares of Adobe from $585.00 to $595.00 and gave the company an “overweight” rating in a research report on Wednesday, March 24th. Credit Suisse Group started coverage on shares of Adobe in a research report on Tuesday, March 16th. They issued an “outperform” rating and a $575.00 target price for the company. Finally, BMO Capital Markets reduced their target price on shares of Adobe from $570.00 to $535.00 and set an “outperform” rating for the company in a research report on Wednesday, March 24th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-one have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $552.00.
Adobe (NASDAQ:ADBE) last posted its earnings results on Monday, March 22nd. The software company reported $3.14 EPS for the quarter, topping analysts’ consensus estimates of $2.79 by $0.35. The firm had revenue of $3.91 billion during the quarter, compared to analysts’ expectations of $3.76 billion. Adobe had a net margin of 40.68% and a return on equity of 36.30%. The business’s revenue for the quarter was up 26.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.27 earnings per share. On average, sell-side analysts forecast that Adobe Inc. will post 10.01 earnings per share for the current year.
In other news, EVP Abhay Parasnis sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, April 15th. The stock was sold at an average price of $524.00, for a total value of $2,096,000.00. Following the completion of the transaction, the executive vice president now owns 39,746 shares of the company’s stock, valued at $20,826,904. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Dana Rao sold 4,692 shares of the company’s stock in a transaction that occurred on Wednesday, May 5th. The shares were sold at an average price of $495.34, for a total value of $2,324,135.28. Following the completion of the transaction, the executive vice president now directly owns 18,803 shares of the company’s stock, valued at approximately $9,313,878.02. The disclosure for this sale can be found here. Insiders sold 14,571 shares of company stock valued at $7,442,586 in the last three months. Company insiders own 0.23% of the company’s stock.
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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