Tdam USA Inc. lowered its stake in shares of Adobe Inc (NASDAQ:ADBE) by 6.0% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 7,860 shares of the software company’s stock after selling 506 shares during the period. Tdam USA Inc.’s holdings in Adobe were worth $2,316,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. RDA Financial Network raised its position in Adobe by 9.4% in the second quarter. RDA Financial Network now owns 3,899 shares of the software company’s stock worth $1,181,000 after purchasing an additional 334 shares in the last quarter. Carderock Capital Management Inc. raised its position in Adobe by 133.8% in the first quarter. Carderock Capital Management Inc. now owns 11,479 shares of the software company’s stock worth $3,059,000 after purchasing an additional 6,569 shares in the last quarter. Glaxis Capital Management LLC acquired a new position in Adobe in the first quarter worth about $1,892,000. Sawtooth Solutions LLC raised its position in Adobe by 41.6% in the first quarter. Sawtooth Solutions LLC now owns 5,957 shares of the software company’s stock worth $1,587,000 after purchasing an additional 1,751 shares in the last quarter. Finally, Carillon Tower Advisers Inc. raised its position in Adobe by 19.3% in the first quarter. Carillon Tower Advisers Inc. now owns 46,400 shares of the software company’s stock worth $12,365,000 after purchasing an additional 7,500 shares in the last quarter. 86.37% of the stock is owned by institutional investors and hedge funds.
In other news, EVP Ann Lewnes sold 3,000 shares of the stock in a transaction that occurred on Wednesday, June 19th. The shares were sold at an average price of $287.00, for a total transaction of $861,000.00. Following the sale, the executive vice president now directly owns 58,458 shares of the company’s stock, valued at $16,777,446. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John E. Warnock sold 4,000 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $296.94, for a total transaction of $1,187,760.00. Following the sale, the director now directly owns 16,088 shares in the company, valued at $4,777,170.72. The disclosure for this sale can be found here. Insiders have sold 26,627 shares of company stock worth $7,829,264 over the last three months. 0.32% of the stock is owned by insiders.
Shares of ADBE traded down $5.06 during mid-day trading on Wednesday, hitting $283.59. 607,958 shares of the company traded hands, compared to its average volume of 2,716,969. Adobe Inc has a one year low of $204.95 and a one year high of $313.11. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.70 and a quick ratio of 0.70. The business has a 50-day simple moving average of $301.22. The stock has a market capitalization of $143.12 billion, a PE ratio of 51.10, a price-to-earnings-growth ratio of 2.68 and a beta of 1.08.
Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Tuesday, June 18th. The software company reported $1.83 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.78 by $0.05. Adobe had a net margin of 26.25% and a return on equity of 29.96%. The business had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.70 billion. During the same period in the prior year, the firm earned $1.66 earnings per share. Adobe’s revenue was up 25.0% compared to the same quarter last year. As a group, analysts anticipate that Adobe Inc will post 6.3 EPS for the current year.
Several research firms recently issued reports on ADBE. Royal Bank of Canada reissued an “outperform” rating and issued a $295.00 price target on shares of Adobe in a research report on Wednesday, June 19th. Zacks Investment Research cut shares of Adobe from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. Stephens raised shares of Adobe from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $288.00 to $327.00 in a research note on Wednesday, June 19th. Barclays upped their price objective on shares of Adobe from $304.00 to $330.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 19th. Finally, Credit Suisse Group upped their price objective on shares of Adobe from $300.00 to $325.00 and gave the stock a “positive” rating in a research note on Wednesday, June 19th. Nine analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $301.69.
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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