Meeder Asset Management Inc. increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 635.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 27,550 shares of the software company’s stock after buying an additional 23,806 shares during the period. Meeder Asset Management Inc.’s holdings in Adobe were worth $13,002,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors also recently modified their holdings of the company. Carmichael Hill & Associates Inc. acquired a new stake in Adobe in the fourth quarter valued at $25,000. Concord Wealth Partners acquired a new stake in Adobe during the 4th quarter valued at $32,000. Cordasco Financial Network raised its holdings in shares of Adobe by 54.3% in the fourth quarter. Cordasco Financial Network now owns 71 shares of the software company’s stock worth $36,000 after acquiring an additional 25 shares during the last quarter. Capstone Triton Financial Group LLC purchased a new stake in shares of Adobe in the fourth quarter valued at $46,000. Finally, Curi Capital acquired a new stake in shares of Adobe during the fourth quarter valued at $48,000. 82.43% of the stock is owned by institutional investors.
A number of equities analysts have recently weighed in on ADBE shares. Stifel Nicolaus initiated coverage on shares of Adobe in a research report on Friday, January 15th. They issued a “buy” rating for the company. Griffin Securities reissued a “buy” rating and issued a $597.00 price target on shares of Adobe in a research note on Wednesday, March 3rd. BMO Capital Markets cut their price objective on shares of Adobe from $570.00 to $535.00 and set an “outperform” rating on the stock in a report on Tuesday, March 30th. Credit Suisse Group initiated coverage on shares of Adobe in a research report on Tuesday, March 16th. They set an “outperform” rating and a $575.00 price target for the company. Finally, Wedbush boosted their price objective on shares of Adobe from $410.00 to $510.00 and gave the company a “neutral” rating in a research note on Wednesday, February 3rd. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $551.68.
Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Monday, March 22nd. The software company reported $3.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.79 by $0.35. Adobe had a net margin of 40.88% and a return on equity of 35.81%. The company had revenue of $3.91 billion during the quarter, compared to the consensus estimate of $3.76 billion. During the same quarter in the previous year, the company posted $2.27 earnings per share. The company’s revenue for the quarter was up 26.3% compared to the same quarter last year. On average, equities analysts expect that Adobe Inc. will post 9.47 EPS for the current fiscal year.
In related news, EVP Abhay Parasnis sold 4,000 shares of Adobe stock in a transaction dated Wednesday, February 10th. The shares were sold at an average price of $499.17, for a total transaction of $1,996,680.00. Following the sale, the executive vice president now directly owns 43,746 shares in the company, valued at $21,836,690.82. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John E. Warnock sold 2,500 shares of Adobe stock in a transaction dated Monday, April 19th. The shares were sold at an average price of $517.25, for a total transaction of $1,293,125.00. Following the sale, the director now owns 18,882 shares in the company, valued at $9,766,714.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 13,836 shares of company stock valued at $7,093,673. 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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