Blue Chip Partners LLC decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 16.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,892 shares of the software company’s stock after selling 792 shares during the quarter. Blue Chip Partners LLC’s holdings in Adobe were worth $1,500,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Morgan Stanley raised its stake in Adobe by 17.7% during the fourth quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock worth $3,299,433,000 after acquiring an additional 1,471,861 shares during the period. Geode Capital Management LLC raised its stake in Adobe by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 9,507,218 shares of the software company’s stock worth $3,194,412,000 after acquiring an additional 123,726 shares during the period. Norges Bank acquired a new stake in shares of Adobe in the fourth quarter valued at approximately $1,757,029,000. Alliancebernstein L.P. increased its stake in shares of Adobe by 0.5% in the fourth quarter. Alliancebernstein L.P. now owns 4,591,503 shares of the software company’s stock valued at $1,545,179,000 after purchasing an additional 20,678 shares during the period. Finally, Jennison Associates LLC increased its stake in shares of Adobe by 0.3% in the fourth quarter. Jennison Associates LLC now owns 4,241,145 shares of the software company’s stock valued at $1,427,273,000 after purchasing an additional 13,442 shares during the period. Institutional investors and hedge funds own 79.41% of the company’s stock.
Wall Street Analyst Weigh In
Several equities research analysts have commented on ADBE shares. Wells Fargo & Company raised their price target on shares of Adobe from $525.00 to $600.00 in a research note on Friday, June 16th. Bank of America raised their price target on shares of Adobe from $480.00 to $575.00 in a research note on Friday, June 16th. Piper Jaffray Companies raised their price target on shares of Adobe from $500.00 to $572.00 and gave the company an “overweight” rating in a research note on Friday, June 16th. Argus raised their price target on shares of Adobe from $410.00 to $565.00 in a research note on Wednesday, June 21st. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Adobe from $500.00 to $550.00 in a research note on Friday, June 16th. Fourteen investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $511.19.
Adobe Trading Up 1.0 %
Adobe stock traded up $5.26 during midday trading on Monday, reaching $520.09. The stock had a trading volume of 1,165,323 shares, compared to its average volume of 3,336,660. The firm’s fifty day simple moving average is $438.47 and its two-hundred day simple moving average is $387.18. Adobe Inc. has a twelve month low of $274.73 and a twelve month high of $523.78. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.16 and a quick ratio of 1.16. The firm has a market cap of $237.06 billion, a price-to-earnings ratio of 49.55, a PEG ratio of 3.09 and a beta of 1.32.
Adobe (NASDAQ:ADBE – Get Free Report) last issued its earnings results on Thursday, June 15th. The software company reported $3.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.79 by $0.12. The company had revenue of $4.82 billion during the quarter, compared to analyst estimates of $4.77 billion. Adobe had a net margin of 26.34% and a return on equity of 36.84%. The company’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter last year, the business posted $2.70 EPS. Equities analysts anticipate that Adobe Inc. will post 12.56 EPS for the current fiscal year.
Insider Buying and Selling at Adobe
In other Adobe news, Director John E. Warnock sold 672 shares of Adobe stock in a transaction on Thursday, April 20th. The shares were sold at an average price of $378.94, for a total transaction of $254,647.68. Following the completion of the sale, the director now owns 378,965 shares of the company’s stock, valued at approximately $143,604,997.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO Shantanu Narayen sold 35,000 shares of the firm’s stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $478.03, for a total transaction of $16,731,050.00. Following the transaction, the chief executive officer now owns 403,352 shares in the company, valued at approximately $192,814,356.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John E. Warnock sold 672 shares of the firm’s stock in a transaction on Thursday, April 20th. The shares were sold at an average price of $378.94, for a total transaction of $254,647.68. Following the transaction, the director now owns 378,965 shares in the company, valued at approximately $143,604,997.10. The disclosure for this sale can be found here. Insiders sold 47,272 shares of company stock valued at $21,895,444 in the last quarter. Company insiders own 0.24% of the company’s stock.
Adobe Profile
Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.