Abner Herrman & Brock LLC increased its holdings in shares of Adobe Inc (NASDAQ:ADBE) by 63.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,189 shares of the software company’s stock after acquiring an additional 9,030 shares during the quarter. Abner Herrman & Brock LLC’s holdings in Adobe were worth $6,406,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in ADBE. Nuveen Asset Management LLC increased its stake in shares of Adobe by 17,012.2% in the second quarter. Nuveen Asset Management LLC now owns 3,916,308 shares of the software company’s stock valued at $1,153,941,000 after purchasing an additional 3,893,422 shares during the period. Invesco Ltd. increased its stake in shares of Adobe by 37.5% in the second quarter. Invesco Ltd. now owns 7,973,766 shares of the software company’s stock valued at $2,349,470,000 after purchasing an additional 2,174,047 shares during the period. BlackRock Inc. increased its stake in shares of Adobe by 2.7% in the second quarter. BlackRock Inc. now owns 33,730,576 shares of the software company’s stock valued at $9,938,712,000 after purchasing an additional 887,115 shares during the period. Morgan Stanley increased its stake in shares of Adobe by 13.2% in the second quarter. Morgan Stanley now owns 6,950,101 shares of the software company’s stock valued at $2,047,848,000 after purchasing an additional 812,144 shares during the period. Finally, Investec Asset Management LTD increased its stake in shares of Adobe by 77,287.5% in the second quarter. Investec Asset Management LTD now owns 648,507 shares of the software company’s stock valued at $247,000 after purchasing an additional 647,669 shares during the period. Hedge funds and other institutional investors own 86.27% of the company’s stock.
ADBE has been the topic of several analyst reports. BidaskClub lowered shares of Adobe from a “hold” rating to a “sell” rating in a research note on Wednesday, September 11th. Royal Bank of Canada lowered their price objective on shares of Adobe from $320.00 to $315.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 18th. Wedbush reiterated a “hold” rating and set a $290.00 price objective on shares of Adobe in a research note on Wednesday, September 18th. Wells Fargo & Co restated a “hold” rating and set a $275.00 target price (up from $250.00) on shares of Adobe in a report on Wednesday, June 19th. Finally, Stifel Nicolaus restated a “neutral” rating and set a $325.00 target price on shares of Adobe in a report on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $302.65.
Adobe stock traded up $4.97 during midday trading on Friday, reaching $279.95. The stock had a trading volume of 106,810 shares, compared to its average volume of 3,401,741. The firm’s fifty day simple moving average is $279.82 and its two-hundred day simple moving average is $283.45. Adobe Inc has a twelve month low of $204.95 and a twelve month high of $313.11. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.74 and a quick ratio of 0.74. The firm has a market cap of $131.10 billion, a price-to-earnings ratio of 50.43, a PEG ratio of 2.61 and a beta of 1.09.
Adobe (NASDAQ:ADBE) last released its earnings results on Tuesday, September 17th. The software company reported $2.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.97 by $0.08. Adobe had a net margin of 26.10% and a return on equity of 30.49%. The company had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.82 billion. During the same quarter in the prior year, the firm earned $1.73 EPS. The company’s revenue was up 23.7% compared to the same quarter last year. As a group, sell-side analysts predict that Adobe Inc will post 6.38 EPS for the current fiscal year.
In other news, CMO Ann Lewnes sold 3,000 shares of the firm’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $274.34, for a total transaction of $823,020.00. Following the transaction, the chief marketing officer now owns 52,398 shares in the company, valued at approximately $14,374,867.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Dana Rao sold 2,832 shares of the firm’s stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $303.36, for a total transaction of $859,115.52. The disclosure for this sale can be found here. In the last quarter, insiders sold 11,832 shares of company stock valued at $3,471,486. Insiders own 0.32% of the company’s stock.
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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