Visionary Horizons LLC acquired a new stake in Adobe Inc. (NASDAQ:ADBE - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 1,376 shares of the software company's stock, valued at approximately $528,000.
Other large investors also recently modified their holdings of the company. Brighton Jones LLC increased its position in Adobe by 2.1% during the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock worth $3,588,000 after acquiring an additional 167 shares during the period. Union Bancaire Privee UBP SA bought a new stake in shares of Adobe in the fourth quarter valued at approximately $76,712,000. Empowered Funds LLC grew its position in Adobe by 22.8% during the fourth quarter. Empowered Funds LLC now owns 15,391 shares of the software company's stock worth $6,844,000 after buying an additional 2,853 shares in the last quarter. Savant Capital LLC increased its stake in Adobe by 91.2% during the 4th quarter. Savant Capital LLC now owns 15,294 shares of the software company's stock worth $6,801,000 after acquiring an additional 7,293 shares during the period. Finally, Wingate Wealth Advisors Inc. acquired a new position in Adobe in the 4th quarter valued at $113,000. 81.79% of the stock is owned by institutional investors.
Insider Buying and Selling
In related news, CFO Daniel Durn purchased 1,300 shares of the firm's stock in a transaction dated Thursday, March 20th. The stock was bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This represents a 4.55% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 0.16% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
ADBE has been the topic of several analyst reports. Oppenheimer reduced their target price on Adobe from $560.00 to $530.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. JPMorgan Chase & Co. reduced their price objective on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Wall Street Zen upgraded shares of Adobe from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Stifel Nicolaus reduced their price target on shares of Adobe from $600.00 to $525.00 and set a "buy" rating on the stock in a research report on Thursday, March 13th. Finally, KeyCorp raised shares of Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. Nine analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $503.33.
View Our Latest Stock Report on Adobe
Adobe Trading Up 0.2%
ADBE traded up $0.84 during trading on Thursday, reaching $413.68. 6,169,376 shares of the company's stock were exchanged, compared to its average volume of 3,418,959. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The firm has a fifty day moving average price of $385.73 and a two-hundred day moving average price of $422.64. The stock has a market capitalization of $176.31 billion, a PE ratio of 33.36, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55.
Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion for the quarter, compared to analysts' expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the previous year, the firm posted $4.48 earnings per share. As a group, equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.
About Adobe
(
Free Report)
Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.
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