Nan Shan Life Insurance Co. Ltd. increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 7.6% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 70,000 shares of the software company’s stock after acquiring an additional 4,965 shares during the period. Nan Shan Life Insurance Co. Ltd.’s holdings in Adobe were worth $35,008,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Carmichael Hill & Associates Inc. bought a new position in shares of Adobe in the fourth quarter worth $25,000. Roble Belko & Company Inc lifted its stake in Adobe by 216.7% in the 3rd quarter. Roble Belko & Company Inc now owns 57 shares of the software company’s stock worth $28,000 after acquiring an additional 39 shares in the last quarter. Horan Capital Advisors LLC. purchased a new stake in Adobe in the 3rd quarter worth about $32,000. Cordasco Financial Network lifted its stake in Adobe by 54.3% in the 4th quarter. Cordasco Financial Network now owns 71 shares of the software company’s stock worth $36,000 after acquiring an additional 25 shares in the last quarter. Finally, Magellan Asset Management Ltd purchased a new stake in Adobe in the 3rd quarter worth about $39,000. Hedge funds and other institutional investors own 82.43% of the company’s stock.
Several equities research analysts recently issued reports on ADBE shares. The Goldman Sachs Group started coverage on Adobe in a research note on Thursday, January 21st. They issued a “buy” rating and a $580.00 price objective for the company. Stifel Nicolaus assumed coverage on Adobe in a research note on Friday, January 15th. They set a “buy” rating for the company. Royal Bank of Canada raised their price target on Adobe from $570.00 to $575.00 and gave the stock an “outperform” rating in a research note on Friday, December 11th. Oppenheimer assumed coverage on Adobe in a research note on Friday, December 11th. They set a “buy” rating and a $550.00 price target for the company. Finally, Barclays reaffirmed a “buy” rating and set a $605.00 price target on shares of Adobe in a research note on Sunday, December 13th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twenty-two have given a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $527.42.
Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 9th. The software company reported $2.81 EPS for the quarter, topping analysts’ consensus estimates of $2.66 by $0.15. Adobe had a return on equity of 35.81% and a net margin of 40.88%. The business had revenue of $3.42 billion during the quarter, compared to analysts’ expectations of $3.36 billion. During the same period in the previous year, the firm earned $2.29 earnings per share. The firm’s quarterly revenue was up 14.4% compared to the same quarter last year. On average, sell-side analysts forecast that Adobe Inc. will post 9.47 earnings per share for the current year.
Adobe declared that its Board of Directors has authorized a share repurchase program on Thursday, December 10th that allows the company to buyback $15.00 billion in outstanding shares. This buyback authorization allows the software company to reacquire up to 6.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
In other Adobe news, EVP Bryan Lamkin sold 22,188 shares of the business’s stock in a transaction that occurred on Friday, January 29th. The stock was sold at an average price of $462.01, for a total transaction of $10,251,077.88. Following the transaction, the executive vice president now owns 93,127 shares of the company’s stock, valued at $43,025,605.27. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Abhay Parasnis sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 10th. The stock was sold at an average price of $499.17, for a total value of $1,996,680.00. Following the transaction, the executive vice president now directly owns 43,746 shares in the company, valued at approximately $21,836,690.82. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 114,063 shares of company stock worth $53,715,598. Corporate insiders own 0.31% 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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