Kornitzer Capital Management Inc. KS decreased its stake in shares of Adobe Inc (NASDAQ:ADBE) by 5.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 8,556 shares of the software company’s stock after selling 497 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Adobe were worth $2,364,000 as of its most recent filing with the SEC.
Several other large investors also recently bought and sold shares of ADBE. Shine Investment Advisory Services Inc. boosted its position in Adobe by 1.3% in the second quarter. Shine Investment Advisory Services Inc. now owns 2,539 shares of the software company’s stock valued at $748,000 after buying an additional 33 shares in the last quarter. Brandywine Oak Private Wealth LLC raised its stake in shares of Adobe by 2.0% during the third quarter. Brandywine Oak Private Wealth LLC now owns 1,851 shares of the software company’s stock worth $511,000 after buying an additional 36 shares during the last quarter. Rockland Trust Co. raised its stake in shares of Adobe by 1.3% during the second quarter. Rockland Trust Co. now owns 2,965 shares of the software company’s stock worth $874,000 after buying an additional 37 shares during the last quarter. First National Bank of Hutchinson raised its stake in shares of Adobe by 1.5% during the second quarter. First National Bank of Hutchinson now owns 2,492 shares of the software company’s stock worth $766,000 after buying an additional 37 shares during the last quarter. Finally, Zions Bancorporation N.A. raised its stake in shares of Adobe by 0.8% during the second quarter. Zions Bancorporation N.A. now owns 4,559 shares of the software company’s stock worth $1,343,000 after buying an additional 38 shares during the last quarter. Institutional investors own 86.60% of the company’s stock.
ADBE traded up $1.69 during trading hours on Friday, hitting $292.46. 1,628,400 shares of the company’s stock were exchanged, compared to its average volume of 2,747,625. The stock’s 50-day moving average is $275.11 and its two-hundred day moving average is $284.38. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.10. The stock has a market cap of $140.04 billion, a price-to-earnings ratio of 52.70, a PEG ratio of 2.79 and a beta of 1.09. Adobe Inc has a 1-year low of $204.95 and a 1-year high of $313.11.
Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Tuesday, September 17th. The software company reported $2.05 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 business had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.82 billion. During the same period last year, the firm earned $1.73 earnings per share. Adobe’s revenue for the quarter was up 23.7% compared to the same quarter last year. On average, equities research analysts anticipate that Adobe Inc will post 6.39 EPS for the current year.
In other Adobe news, EVP Ann Lewnes sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $289.32, for a total value of $867,960.00. Following the transaction, the executive vice president now directly owns 55,198 shares of the company’s stock, valued at approximately $15,969,885.36. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Over the last three months, insiders sold 9,000 shares of company stock worth $2,500,110. Insiders own 0.32% of the company’s stock.
Several brokerages have commented on ADBE. Credit Suisse Group set a $325.00 target price on shares of Adobe and gave the company a “buy” rating in a research note on Tuesday, September 17th. JPMorgan Chase & Co. upped their target price on shares of Adobe from $318.00 to $322.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Cleveland Research began coverage on shares of Adobe in a research note on Tuesday, October 15th. They issued a “neutral” rating and a $283.00 target price for the company. BidaskClub downgraded shares of Adobe from a “sell” rating to a “strong sell” rating in a research note on Saturday, October 19th. Finally, Wells Fargo & Co increased their price objective on shares of Adobe from $275.00 to $285.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 5th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have issued a buy rating to the company. Adobe has a consensus rating of “Hold” and an average price target of $304.88.
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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