Intercontinental Wealth Advisors LLC purchased a new stake in shares of Adobe Inc (NASDAQ:ADBE) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 180 shares of the software company’s stock, valued at approximately $41,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Founders Capital Management increased its holdings in Adobe by 0.3% during the 4th quarter. Founders Capital Management now owns 17,500 shares of the software company’s stock valued at $3,959,000 after purchasing an additional 50 shares during the period. Capital Advisors Ltd. LLC increased its holdings in Adobe by 7.0% during the 4th quarter. Capital Advisors Ltd. LLC now owns 760 shares of the software company’s stock valued at $172,000 after purchasing an additional 50 shares during the period. RB Capital Management LLC increased its holdings in Adobe by 1.3% during the 4th quarter. RB Capital Management LLC now owns 4,513 shares of the software company’s stock valued at $1,021,000 after purchasing an additional 57 shares during the period. Endurance Wealth Management Inc. increased its holdings in Adobe by 3.3% during the 4th quarter. Endurance Wealth Management Inc. now owns 1,894 shares of the software company’s stock valued at $428,000 after purchasing an additional 60 shares during the period. Finally, Cornerstone Advisors Inc. increased its holdings in Adobe by 3.5% during the 4th quarter. Cornerstone Advisors Inc. now owns 1,871 shares of the software company’s stock valued at $423,000 after purchasing an additional 63 shares during the period. Institutional investors and hedge funds own 84.75% of the company’s stock.
ADBE stock opened at $254.82 on Wednesday. The company has a market capitalization of $124.28 billion, a P/E ratio of 45.91, a price-to-earnings-growth ratio of 2.50 and a beta of 1.15. Adobe Inc has a 12-month low of $179.34 and a 12-month high of $277.61. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.44.
Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, December 13th. The software company reported $1.83 earnings per share for the quarter, missing analysts’ consensus estimates of $1.88 by ($0.05). The company had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Adobe had a net margin of 28.69% and a return on equity of 31.19%. Adobe’s quarterly revenue was up 20.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.26 earnings per share. As a group, analysts forecast that Adobe Inc will post 6.21 EPS for the current year.
In other news, EVP Matthew Thompson sold 41,560 shares of the company’s stock in a transaction on Monday, January 28th. The stock was sold at an average price of $245.23, for a total value of $10,191,758.80. Following the completion of the sale, the executive vice president now directly owns 63,087 shares in the company, valued at approximately $15,470,825.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ann Lewnes sold 2,955 shares of the company’s stock in a transaction on Wednesday, November 21st. The stock was sold at an average price of $225.38, for a total transaction of $665,997.90. Following the completion of the transaction, the executive vice president now directly owns 52,692 shares of the company’s stock, valued at approximately $11,875,722.96. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 282,299 shares of company stock valued at $68,899,256. Company insiders own 0.33% of the company’s stock.
A number of brokerages recently issued reports on ADBE. Zacks Investment Research downgraded Adobe from a “buy” rating to a “hold” rating in a report on Tuesday, December 11th. Credit Suisse Group restated a “buy” rating and set a $300.00 price target on shares of Adobe in a report on Friday, January 25th. ValuEngine upgraded Adobe from a “hold” rating to a “buy” rating in a report on Tuesday, January 15th. Atlantic Securities began coverage on Adobe in a report on Wednesday, January 9th. They set a “neutral” rating and a $250.00 price target on the stock. Finally, BMO Capital Markets boosted their price target on Adobe from $295.00 to $300.00 and gave the company an “outperform” rating in a report on Friday, December 14th. Nine analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $284.62.
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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 customers to download and install the latest versions of its creative products.
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