Heritage Trust Co purchased a new position in Adobe Inc (NASDAQ:ADBE) in the first quarter, HoldingsChannel reports. The institutional investor purchased 1,148 shares of the software company’s stock, valued at approximately $366,000.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Stephenson National Bank & Trust acquired a new stake in shares of Adobe in the fourth quarter worth $25,000. Lion Street Advisors LLC acquired a new stake in shares of Adobe in the first quarter worth $25,000. Sowa Financial Group Inc. acquired a new stake in shares of Adobe in the fourth quarter worth $26,000. Solstein Capital LLC acquired a new stake in shares of Adobe in the fourth quarter worth $27,000. Finally, Laurel Wealth Advisors LLC increased its stake in shares of Adobe by 50.0% in the first quarter. Laurel Wealth Advisors LLC now owns 96 shares of the software company’s stock worth $31,000 after acquiring an additional 32 shares during the period. 85.98% of the stock is owned by institutional investors and hedge funds.
In other Adobe news, EVP Gloria Chen sold 498 shares of Adobe stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $313.88, for a total transaction of $156,312.24. Following the transaction, the executive vice president now directly owns 9,480 shares of the company’s stock, valued at $2,975,582.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 600 shares of Adobe stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $352.45, for a total transaction of $211,470.00. Following the transaction, the executive vice president now directly owns 12,817 shares in the company, valued at $4,517,351.65. The disclosure for this sale can be found here. Over the last three months, insiders sold 12,298 shares of company stock worth $4,025,976. Insiders own 0.31% of the company’s stock.
ADBE has been the topic of a number of research reports. Zacks Investment Research upgraded shares of Adobe from a “sell” rating to a “hold” rating and set a $327.00 price objective on the stock in a research note on Wednesday, March 18th. Cowen raised their price target on shares of Adobe from $315.00 to $325.00 and gave the company a “market perform” rating in a research report on Friday, March 13th. BidaskClub upgraded shares of Adobe from a “buy” rating to a “strong-buy” rating in a research report on Thursday, February 20th. DZ Bank lowered shares of Adobe from a “buy” rating to a “hold” rating and set a $370.00 price target on the stock. in a research report on Thursday, May 14th. Finally, Morgan Stanley raised their price target on shares of Adobe from $366.00 to $375.00 and gave the company an “overweight” rating in a research report on Wednesday, March 25th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $342.54.
Shares of NASDAQ:ADBE traded up $3.09 during midday trading on Friday, hitting $385.26. The company’s stock had a trading volume of 1,627,227 shares, compared to its average volume of 2,763,171. The business’s 50 day simple moving average is $342.06 and its 200 day simple moving average is $332.10. 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 company has a market cap of $184.13 billion, a P/E ratio of 58.37, a price-to-earnings-growth ratio of 2.98 and a beta of 0.90. Adobe Inc has a 12-month low of $255.13 and a 12-month high of $386.74.
Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 12th. The software company reported $2.27 earnings per share for the quarter, topping the Thomson Reuters’ 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 company’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period last year, the firm posted $1.71 earnings per share. On average, sell-side analysts predict that Adobe Inc will post 8 earnings per share 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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