Marshall Wace LLP increased its position in shares of Adobe Inc (NASDAQ:ADBE) by 114.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 79,451 shares of the software company’s stock after purchasing an additional 42,458 shares during the period. Marshall Wace LLP’s holdings in Adobe were worth $21,448,000 at the end of the most recent quarter.
Several other hedge funds have also recently modified their holdings of ADBE. Capital Guardian Trust Co. acquired a new position in shares of Adobe during the third quarter worth $102,000. Psagot Investment House Ltd. acquired a new position in Adobe in the third quarter valued at $130,000. JNBA Financial Advisors boosted its stake in Adobe by 4,366.7% in the third quarter. JNBA Financial Advisors now owns 536 shares of the software company’s stock valued at $145,000 after acquiring an additional 524 shares in the last quarter. Capital Bank & Trust Co raised its holdings in shares of Adobe by 92.8% in the third quarter. Capital Bank & Trust Co now owns 563 shares of the software company’s stock valued at $152,000 after buying an additional 271 shares during the last quarter. Finally, Centaurus Financial Inc. purchased a new stake in shares of Adobe in the second quarter valued at about $170,000. Hedge funds and other institutional investors own 85.02% of the company’s stock.
ADBE has been the subject of a number of research reports. Zacks Investment Research raised shares of Adobe from a “hold” rating to a “buy” rating and set a $305.00 target price for the company in a report on Thursday, October 4th. ValuEngine cut shares of Adobe from a “buy” rating to a “hold” rating in a report on Tuesday, November 20th. BidaskClub cut shares of Adobe from a “buy” rating to a “hold” rating in a report on Friday, October 5th. Credit Suisse Group increased their price target on shares of Adobe from $275.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, September 14th. Finally, Barclays increased their price target on shares of Adobe to $297.00 and gave the stock an “overweight” rating in a report on Wednesday, September 12th. Ten analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. Adobe currently has an average rating of “Buy” and an average price target of $271.90.
In other Adobe news, EVP Bradley Rencher sold 12,000 shares of the stock in a transaction dated Thursday, November 1st. The shares were sold at an average price of $245.30, for a total value of $2,943,600.00. Following the completion of the transaction, the executive vice president now directly owns 68,071 shares of the company’s stock, valued at $16,697,816.30. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Ann Lewnes sold 2,955 shares of the stock in a transaction dated Wednesday, November 21st. The shares were sold at an average price of $225.38, for a total transaction of $665,997.90. Following the completion of the transaction, the executive vice president now directly owns 52,692 shares of the company’s stock, valued at $11,875,722.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,806 shares of company stock valued at $5,167,142. 0.33% of the stock is currently owned by corporate insiders.
Shares of Adobe stock opened at $238.00 on Friday. Adobe Inc has a 12-month low of $170.43 and a 12-month high of $277.61. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.66 and a quick ratio of 1.66. The stock has a market capitalization of $122.34 billion, a price-to-earnings ratio of 66.30, a P/E/G ratio of 2.32 and a beta of 1.14.
Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 13th. The software company reported $1.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.69 by $0.04. Adobe had a net margin of 28.16% and a return on equity of 29.51%. The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.25 billion. During the same period last year, the company posted $1.10 earnings per share. The firm’s quarterly revenue was up 24.4% compared to the same quarter last year. As a group, sell-side analysts predict that Adobe Inc will post 5.66 earnings per share for the current year.
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 customers to download and install the latest versions of its creative products.
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