Landaas & Co. WI ADV lessened its stake in Adobe Inc (NASDAQ:ADBE) by 73.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 266 shares of the software company’s stock after selling 734 shares during the period. Landaas & Co. WI ADV’s holdings in Adobe were worth $27,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Martingale Asset Management L P increased its stake in Adobe by 11.9% during the third quarter. Martingale Asset Management L P now owns 250,075 shares of the software company’s stock valued at $67,508,000 after purchasing an additional 26,669 shares during the last quarter. Blue Fin Capital Inc. bought a new stake in Adobe during the third quarter valued at $406,000. Mackenzie Financial Corp increased its stake in Adobe by 26.1% during the third quarter. Mackenzie Financial Corp now owns 30,772 shares of the software company’s stock valued at $8,307,000 after purchasing an additional 6,372 shares during the last quarter. Kentucky Retirement Systems bought a new stake in Adobe during the third quarter valued at $2,298,000. Finally, Nordea Investment Management AB increased its stake in Adobe by 72.3% during the third quarter. Nordea Investment Management AB now owns 877,299 shares of the software company’s stock valued at $236,826,000 after purchasing an additional 368,128 shares during the last quarter. Institutional investors and hedge funds own 86.69% of the company’s stock.
Several research firms have weighed in on ADBE. Robert W. Baird boosted their target price on shares of Adobe from $290.00 to $300.00 and gave the company an “outperform” rating in a research note on Friday, March 15th. Cowen lowered shares of Adobe from an “outperform” rating to a “market perform” rating and set a $280.00 target price for the company. in a research note on Friday, February 15th. ValuEngine upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research note on Tuesday, January 15th. BidaskClub upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research note on Tuesday, March 26th. Finally, Zacks Investment Research lowered shares of Adobe from a “hold” rating to a “sell” rating in a research note on Tuesday, February 12th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and nineteen have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $285.56.
In related news, Chairman Shantanu Narayen sold 139,834 shares of the company’s stock in a transaction dated Friday, January 25th. The shares were sold at an average price of $245.40, for a total value of $34,315,263.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CMO Ann Lewnes sold 3,000 shares of the company’s stock in a transaction dated Wednesday, January 30th. The stock was sold at an average price of $240.16, for a total transaction of $720,480.00. Following the completion of the sale, the chief marketing officer now directly owns 75,368 shares of the company’s stock, valued at approximately $18,100,378.88. The disclosure for this sale can be found here. Insiders sold 287,330 shares of company stock valued at $71,134,520 in the last ninety days. Corporate insiders own 0.32% of the company’s stock.
ADBE stock opened at $270.57 on Friday. The stock has a market capitalization of $132.02 billion, a P/E ratio of 48.75, a P/E/G ratio of 2.64 and a beta of 1.10. Adobe Inc has a fifty-two week low of $204.95 and a fifty-two week high of $277.61. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.97 and a quick ratio of 0.97.
Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, March 14th. The software company reported $1.37 earnings per share for the quarter, missing the consensus estimate of $1.62 by ($0.25). The company had revenue of $2.58 billion during the quarter, compared to analyst estimates of $2.55 billion. Adobe had a return on equity of 30.60% and a net margin of 28.08%. The business’s revenue for the quarter was up 24.1% compared to the same quarter last year. During the same period in the previous year, the company earned $1.55 EPS. On average, analysts anticipate that Adobe Inc will post 6.24 EPS for the current fiscal year.
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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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