NuWave Investment Management LLC acquired a new stake in Adobe Inc. (NASDAQ:ADBE – Get Rating) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 590 shares of the software company’s stock, valued at approximately $269,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of ADBE. New World Advisors LLC acquired a new stake in shares of Adobe in the third quarter valued at $568,000. MFA Wealth Advisors LLC acquired a new position in Adobe during the 3rd quarter worth $77,000. Two Sigma Advisers LP acquired a new position in Adobe during the 3rd quarter worth $4,894,000. Cetera Advisor Networks LLC grew its stake in Adobe by 15.6% during the 3rd quarter. Cetera Advisor Networks LLC now owns 15,680 shares of the software company’s stock worth $9,027,000 after purchasing an additional 2,120 shares in the last quarter. Finally, Headinvest LLC grew its stake in Adobe by 2.1% during the 3rd quarter. Headinvest LLC now owns 1,443 shares of the software company’s stock worth $831,000 after purchasing an additional 29 shares in the last quarter. 82.54% of the stock is owned by institutional investors and hedge funds.
Several research analysts recently commented on ADBE shares. Exane BNP Paribas started coverage on Adobe in a research note on Tuesday, March 29th. They set an “outperform” rating and a $570.00 target price for the company. JPMorgan Chase & Co. lowered their target price on Adobe from $645.00 to $540.00 in a research note on Wednesday, March 23rd. UBS Group lowered their price objective on Adobe from $450.00 to $415.00 and set a “neutral” rating for the company in a research report on Friday, June 17th. Jefferies Financial Group lowered their price objective on Adobe from $550.00 to $500.00 in a research report on Friday, June 17th. Finally, Morgan Stanley cut Adobe from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $591.00 to $362.00 in a research report on Tuesday. Seven research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $489.31.
Adobe (NASDAQ:ADBE – Get Rating) last posted its quarterly earnings data on Thursday, June 16th. The software company reported $3.35 EPS for the quarter, beating the consensus estimate of $3.31 by $0.04. Adobe had a return on equity of 36.70% and a net margin of 29.29%. During the same quarter in the prior year, the firm posted $2.56 earnings per share. As a group, sell-side analysts expect that Adobe Inc. will post 10.98 EPS for the current fiscal year.
In other Adobe news, Director John E. Warnock sold 615 shares of the business’s stock in a transaction that occurred on Thursday, April 14th. The stock was sold at an average price of $432.03, for a total transaction of $265,698.45. Following the transaction, the director now owns 410,165 shares in the company, valued at approximately $177,203,584.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 2,750 shares of the company’s stock in a transaction that occurred on Friday, March 25th. The stock was sold at an average price of $435.44, for a total value of $1,197,460.00. The disclosure for this sale can be found here. Insiders have sold a total of 11,075 shares of company stock worth $4,596,246 in the last quarter. 0.23% of the stock is currently owned by insiders.
Adobe Company Profile (Get Rating)
Adobe Inc operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.
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