Courier Capital LLC grew its position in Adobe Inc. (NASDAQ:ADBE) by 3.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,298 shares of the software company’s stock after acquiring an additional 46 shares during the quarter. Courier Capital LLC’s holdings in Adobe were worth $642,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of ADBE. Kistler Tiffany Companies LLC lifted its holdings in Adobe by 69.2% in the second quarter. Kistler Tiffany Companies LLC now owns 846 shares of the software company’s stock valued at $368,000 after acquiring an additional 346 shares during the period. Symmetry Partners LLC purchased a new stake in shares of Adobe in the second quarter valued at about $1,512,000. Stanley Laman Group Ltd. lifted its holdings in shares of Adobe by 0.8% in the second quarter. Stanley Laman Group Ltd. now owns 24,479 shares of the software company’s stock valued at $10,656,000 after purchasing an additional 193 shares in the last quarter. Valeo Financial Advisors LLC lifted its holdings in shares of Adobe by 1.9% in the second quarter. Valeo Financial Advisors LLC now owns 1,466 shares of the software company’s stock valued at $638,000 after purchasing an additional 27 shares in the last quarter. Finally, Genesee Capital Advisors LLC purchased a new stake in shares of Adobe in the second quarter valued at about $1,803,000. 84.03% of the stock is owned by institutional investors and hedge funds.
In other news, EVP Bryan Lamkin sold 13,095 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $477.15, for a total transaction of $6,248,279.25. Following the completion of the transaction, the executive vice president now directly owns 84,774 shares in the company, valued at $40,449,914.10. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CMO Ann Lewnes sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $519.74, for a total value of $2,598,700.00. Following the transaction, the chief marketing officer now owns 35,257 shares of the company’s stock, valued at $18,324,473.18. The disclosure for this sale can be found here. In the last three months, insiders sold 28,776 shares of company stock valued at $13,924,672. 0.31% of the stock is currently owned by company insiders.
Several equities analysts recently issued reports on ADBE shares. The Goldman Sachs Group upped their price objective on shares of Adobe from $460.00 to $520.00 and gave the company a “neutral” rating in a research note on Wednesday, September 16th. DZ Bank raised shares of Adobe from a “hold” rating to a “buy” rating and set a $570.00 price target on the stock in a research note on Thursday, September 17th. Royal Bank of Canada increased their price objective on shares of Adobe from $550.00 to $570.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 16th. Credit Suisse Group set a $560.00 price target on shares of Adobe and gave the company an “outperform” rating in a report on Wednesday, September 16th. Finally, Oppenheimer raised their price target on shares of Adobe from $430.00 to $550.00 and gave the company an “outperform” rating in a report on Wednesday, September 16th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twenty-three have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $504.86.
ADBE opened at $464.55 on Tuesday. The stock has a fifty day moving average of $483.15 and a 200-day moving average of $444.46. The firm has a market capitalization of $221.13 billion, a P/E ratio of 58.05, a PEG ratio of 2.96 and a beta of 1.02. Adobe Inc. has a 12-month low of $255.13 and a 12-month high of $536.88. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.35.
Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Tuesday, September 15th. The software company reported $2.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.41 by $0.16. Adobe had a return on equity of 35.84% and a net margin of 31.05%. The firm had revenue of $3.23 billion during the quarter, compared to analysts’ expectations of $3.16 billion. During the same quarter last year, the firm earned $2.05 earnings per share. The business’s revenue for the quarter was up 14.0% on a year-over-year basis. On average, analysts expect that Adobe Inc. will post 8.23 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, teams, 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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