Chase Investment Counsel Corp lifted its position in Adobe Inc (NASDAQ:ADBE) by 24.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,615 shares of the software company’s stock after acquiring an additional 7,129 shares during the period. Adobe makes up approximately 4.9% of Chase Investment Counsel Corp’s holdings, making the stock its biggest holding. Chase Investment Counsel Corp’s holdings in Adobe were worth $8,283,000 at the end of the most recent reporting period.
Several other large investors have also recently made changes to their positions in ADBE. Smithfield Trust Co. raised its holdings in Adobe by 13.9% during the 4th quarter. Smithfield Trust Co. now owns 1,790 shares of the software company’s stock worth $405,000 after buying an additional 218 shares during the period. Silicon Valley Capital Partners bought a new position in shares of Adobe during the 4th quarter worth approximately $592,000. Patriot Financial Group Insurance Agency LLC grew its stake in shares of Adobe by 130.2% during the 4th quarter. Patriot Financial Group Insurance Agency LLC now owns 580 shares of the software company’s stock worth $131,000 after acquiring an additional 328 shares in the last quarter. Pinnacle Financial Partners Inc. grew its stake in shares of Adobe by 8.4% during the 4th quarter. Pinnacle Financial Partners Inc. now owns 3,145 shares of the software company’s stock worth $711,000 after acquiring an additional 243 shares in the last quarter. Finally, BB&T Securities LLC grew its stake in shares of Adobe by 8.4% during the 4th quarter. BB&T Securities LLC now owns 18,372 shares of the software company’s stock worth $4,156,000 after acquiring an additional 1,427 shares in the last quarter. Institutional investors and hedge funds own 92.64% of the company’s stock.
NASDAQ:ADBE opened at $258.39 on Tuesday. Adobe Inc has a 1-year low of $188.56 and a 1-year high of $277.61. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.13 and a quick ratio of 1.13. The firm has a market capitalization of $125.35 billion, a P/E ratio of 46.56, a PEG ratio of 2.52 and a beta of 1.15.
Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, December 13th. The software company reported $1.83 earnings per share for the quarter, missing the consensus estimate of $1.88 by ($0.05). Adobe had a net margin of 28.69% and a return on equity of 31.19%. The firm had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the prior year, the business posted $1.26 earnings per share. Adobe’s quarterly revenue was up 20.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Adobe Inc will post 6.21 EPS for the current year.
In other Adobe news, EVP Ann Lewnes sold 2,692 shares of Adobe stock in a transaction on Wednesday, December 19th. The shares were sold at an average price of $226.05, for a total transaction of $608,526.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Bradley Rencher sold 30,000 shares of Adobe stock in a transaction on Thursday, January 31st. The stock was sold at an average price of $246.46, for a total transaction of $7,393,800.00. Following the transaction, the executive vice president now directly owns 42,340 shares of the company’s stock, valued at $10,435,116.40. The disclosure for this sale can be found here. Insiders sold 282,299 shares of company stock valued at $68,899,256 over the last three months. 0.33% of the stock is owned by company insiders.
Several brokerages have recently weighed in on ADBE. Zacks Investment Research cut shares of Adobe from a “buy” rating to a “hold” rating in a research note on Monday, December 3rd. Wedbush began coverage on shares of Adobe in a research note on Thursday, October 18th. They set a “neutral” rating and a $270.00 price target for the company. Morgan Stanley reaffirmed an “equal weight” rating and set a $255.00 price target on shares of Adobe in a research note on Friday, December 14th. Pivotal Research reaffirmed a “hold” rating and set a $252.00 price target (down from $254.00) on shares of Adobe in a research note on Friday, December 14th. Finally, BMO Capital Markets raised their price target on shares of Adobe from $295.00 to $300.00 and gave the stock an “outperform” rating in a research note on Friday, December 14th. Nine analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $284.62.
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.
Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.