GAM Holding AG increased its position in Adobe Inc (NASDAQ:ADBE) by 42.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 34,074 shares of the software company’s stock after acquiring an additional 10,125 shares during the quarter. GAM Holding AG’s holdings in Adobe were worth $9,080,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of ADBE. Buffington Mohr McNeal bought a new position in shares of Adobe during the first quarter valued at $26,000. Liberty Wealth Management LLC bought a new position in Adobe in the fourth quarter valued at about $30,000. Barnett & Company Inc. bought a new position in shares of Adobe in the fourth quarter worth about $32,000. Nalls Sherbakoff Group LLC bought a new position in shares of Adobe in the fourth quarter worth about $34,000. Finally, Canton Hathaway LLC bought a new position in shares of Adobe in the first quarter worth about $35,000. 85.89% of the stock is owned by institutional investors.
In related news, EVP Dana Rao sold 5,955 shares of the stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $255.08, for a total transaction of $1,519,001.40. Following the sale, the executive vice president now owns 17,087 shares in the company, valued at $4,358,551.96. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CMO Ann Lewnes sold 3,000 shares of the stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $260.54, for a total transaction of $781,620.00. Following the sale, the chief marketing officer now owns 69,368 shares in the company, valued at approximately $18,073,138.72. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 56,936 shares of company stock valued at $15,516,808. 0.32% of the stock is owned by corporate insiders.
Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $1.37 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 company had revenue of $2.58 billion for the quarter, compared to analysts’ expectations of $2.55 billion. During the same period in the prior year, the firm earned $1.55 earnings per share. The firm’s quarterly revenue was up 24.1% on a year-over-year basis. On average, analysts forecast that Adobe Inc will post 6.24 EPS for the current fiscal year.
ADBE has been the subject of several research analyst reports. BidaskClub cut Adobe from a “buy” rating to a “hold” rating in a research report on Wednesday, February 20th. Rosenblatt Securities reiterated a “buy” rating and issued a $280.00 target price on shares of Adobe in a report on Friday, March 29th. Canaccord Genuity lifted their target price on Adobe from $290.00 to $300.00 and gave the stock a “buy” rating in a report on Friday, March 15th. DZ Bank reissued a “hold” rating on shares of Adobe in a research note on Friday, February 22nd. Finally, Barclays reissued a “buy” rating and set a $304.00 price target on shares of Adobe in a research note on Monday, March 18th. Nine analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $290.46.
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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