WP Advisors LLC purchased a new stake in shares of Adobe Inc (NASDAQ:ADBE) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 468 shares of the software company’s stock, valued at approximately $125,000.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Retirement Systems of Alabama raised its position in shares of Adobe by 0.6% in the 1st quarter. Retirement Systems of Alabama now owns 227,106 shares of the software company’s stock worth $60,521,000 after acquiring an additional 1,294 shares in the last quarter. Louisiana State Employees Retirement System grew its stake in shares of Adobe by 0.8% in the 1st quarter. Louisiana State Employees Retirement System now owns 25,800 shares of the software company’s stock worth $6,875,000 after buying an additional 200 shares during the last quarter. David R. Rahn & Associates Inc. grew its stake in shares of Adobe by 31.4% in the 1st quarter. David R. Rahn & Associates Inc. now owns 3,225 shares of the software company’s stock worth $859,000 after buying an additional 770 shares during the last quarter. First Manhattan Co. grew its stake in shares of Adobe by 2.5% in the 1st quarter. First Manhattan Co. now owns 5,532 shares of the software company’s stock worth $1,474,000 after buying an additional 135 shares during the last quarter. Finally, Ipswich Investment Management Co. Inc. grew its stake in shares of Adobe by 2.8% in the 1st quarter. Ipswich Investment Management Co. Inc. now owns 1,640 shares of the software company’s stock worth $437,000 after buying an additional 45 shares during the last quarter. 86.68% of the stock is owned by institutional investors and hedge funds.
Several research firms recently weighed in on ADBE. Robert W. Baird upped their price target on Adobe from $290.00 to $300.00 and gave the stock an “outperform” rating in a research note on Friday, March 15th. Cowen downgraded Adobe from an “outperform” rating to a “market perform” rating and set a $280.00 price target on the stock. in a research note on Friday, February 15th. ValuEngine upgraded Adobe from a “hold” rating to a “buy” rating in a research note on Tuesday, January 15th. Zacks Investment Research downgraded Adobe from a “buy” rating to a “hold” rating in a research note on Tuesday, December 18th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $280.00 price target on shares of Adobe in a research note on Sunday, December 16th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and nineteen have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $285.56.
Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, March 14th. The software company reported $1.37 EPS for the quarter, missing the consensus estimate of $1.62 by ($0.25). Adobe had a net margin of 28.08% and a return on equity of 30.60%. The business had revenue of $2.58 billion for the quarter, compared to analysts’ expectations of $2.55 billion. During the same quarter in the prior year, the business posted $1.55 earnings per share. The business’s revenue for the quarter was up 24.1% on a year-over-year basis. As a group, research analysts forecast that Adobe Inc will post 6.24 EPS for the current year.
In other news, EVP Matthew Thompson sold 41,560 shares of the stock in a transaction on Monday, January 28th. The stock was sold at an average price of $245.23, for a total transaction of $10,191,758.80. Following the transaction, the executive vice president now directly owns 63,087 shares of the company’s stock, valued at approximately $15,470,825.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CMO Ann Lewnes sold 3,000 shares of the stock in a transaction on Wednesday, January 30th. The shares were sold at an average price of $240.16, for a total value of $720,480.00. Following the transaction, the chief marketing officer now directly owns 75,368 shares in the company, valued at $18,100,378.88. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 284,330 shares of company stock worth $70,317,980. Company insiders own 0.32% of the company’s stock.
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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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