Cigna Investments Inc. New grew its position in shares of Adobe Inc (NASDAQ:ADBE) by 37.0% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 17,728 shares of the software company’s stock after purchasing an additional 4,791 shares during the quarter. Adobe comprises approximately 0.7% of Cigna Investments Inc. New’s investment portfolio, making the stock its 23rd largest position. Cigna Investments Inc. New’s holdings in Adobe were worth $5,642,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the business. Sompo Japan Nipponkoa Asset Management CO. LTD. bought a new position in Adobe during the 1st quarter worth approximately $652,000. Sequoia Financial Advisors LLC grew its position in shares of Adobe by 17.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 1,841 shares of the software company’s stock worth $586,000 after buying an additional 277 shares during the period. MainStreet Investment Advisors LLC grew its position in shares of Adobe by 12.5% during the 1st quarter. MainStreet Investment Advisors LLC now owns 26,945 shares of the software company’s stock worth $8,575,000 after buying an additional 3,003 shares during the period. Banco Santander S.A. grew its position in shares of Adobe by 15.9% during the 1st quarter. Banco Santander S.A. now owns 36,143 shares of the software company’s stock worth $11,502,000 after buying an additional 4,969 shares during the period. Finally, Heritage Trust Co acquired a new stake in shares of Adobe during the 1st quarter worth approximately $366,000. Hedge funds and other institutional investors own 85.98% of the company’s stock.
Several analysts have recently commented on the stock. Citigroup reduced their price objective on shares of Adobe from $329.00 to $293.00 and set a “neutral” rating for the company in a research report on Friday, March 13th. Stifel Nicolaus reduced their price objective on shares of Adobe from $350.00 to $325.00 and set a “buy” rating for the company in a research report on Friday, March 13th. UBS Group reduced their price objective on shares of Adobe from $430.00 to $344.00 and set a “buy” rating for the company in a research report on Friday, March 13th. Cleveland Research raised shares of Adobe from a “neutral” rating to a “buy” rating in a research report on Monday, January 27th. Finally, Barclays reissued a “buy” rating and issued a $333.00 price target on shares of Adobe in a research report on Sunday, March 15th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $342.54.
In other news, EVP Scott Belsky sold 600 shares of Adobe stock in a transaction on Friday, May 15th. The stock was sold at an average price of $352.45, for a total transaction of $211,470.00. Following the sale, the executive vice president now directly owns 12,817 shares in the company, valued at approximately $4,517,351.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Ann Lewnes sold 5,000 shares of Adobe stock in a transaction on Friday, May 1st. The stock was sold at an average price of $348.26, for a total value of $1,741,300.00. Following the sale, the chief marketing officer now owns 54,874 shares in the company, valued at $19,110,419.24. The disclosure for this sale can be found here. Insiders have sold a total of 12,298 shares of company stock worth $4,025,976 over the last quarter. Company insiders own 0.31% of the company’s stock.
ADBE traded up $3.09 during mid-day trading on Friday, reaching $385.26. 1,627,227 shares of the stock were exchanged, compared to its average volume of 2,763,171. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.23 and a current ratio of 1.23. The stock has a market capitalization of $184.13 billion, a PE ratio of 58.37, a price-to-earnings-growth ratio of 2.98 and a beta of 0.90. The company has a 50 day moving average price of $342.06 and a two-hundred day moving average price of $332.10. Adobe Inc has a 1 year low of $255.13 and a 1 year high of $386.74.
Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, March 12th. The software company reported $2.27 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.23 by $0.04. The firm had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.05 billion. Adobe had a net margin of 27.72% and a return on equity of 33.54%. The business’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.71 EPS. Sell-side analysts expect that Adobe Inc will post 8 EPS for the current fiscal year.
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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