Capital Advisors Inc. OK lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 28.5% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 674 shares of the software company’s stock after selling 269 shares during the period. Capital Advisors Inc. OK’s holdings in Adobe were worth $395,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Harbour Investments Inc. acquired a new position in shares of Adobe during the first quarter worth $27,000. Stuart Chaussee & Associates Inc. bought a new position in Adobe during the first quarter worth $33,000. Carmichael Hill & Associates Inc. raised its stake in Adobe by 50.0% during the first quarter. Carmichael Hill & Associates Inc. now owns 75 shares of the software company’s stock worth $36,000 after buying an additional 25 shares during the last quarter. Better Money Decisions LLC bought a new position in Adobe during the first quarter worth $39,000. Finally, Summit Wealth Group LLC bought a new position in Adobe during the first quarter worth $48,000. Hedge funds and other institutional investors own 76.02% of the company’s stock.
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A number of equities analysts recently weighed in on the stock. Evercore ISI lifted their target price on shares of Adobe from $550.00 to $625.00 and gave the stock an “outperform” rating in a research note on Friday, June 18th. BMO Capital Markets lifted their price target on shares of Adobe from $585.00 to $630.00 and gave the company an “outperform” rating in a research note on Friday, June 18th. Jefferies Financial Group lifted their price target on shares of Adobe from $560.00 to $630.00 and gave the company a “buy” rating in a research note on Monday, June 14th. lifted their price target on shares of Adobe from $523.00 to $575.00 and gave the company a “neutral” rating in a research note on Friday, June 18th. Finally, Wolfe Research started coverage on shares of Adobe in a research note on Wednesday, April 28th. They issued an “outperform” rating and a $650.00 price target for the company. Five research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. Adobe has an average rating of “Buy” and a consensus price target of $604.84.
Adobe stock opened at $637.66 on Friday. Adobe Inc. has a fifty-two week low of $420.78 and a fifty-two week high of $642.55. The stock has a market capitalization of $303.78 billion, a PE ratio of 64.35, a PEG ratio of 3.25 and a beta of 0.96. The stock’s 50-day moving average price is $602.96. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.30.
Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, June 16th. The software company reported $3.03 earnings per share for the quarter, topping the consensus estimate of $2.81 by $0.22. Adobe had a net margin of 38.79% and a return on equity of 35.94%. The business had revenue of $3.84 billion for the quarter, compared to analysts’ expectations of $3.73 billion. During the same period in the previous year, the company earned $2.45 earnings per share. The firm’s revenue for the quarter was up 22.7% compared to the same quarter last year. On average, equities analysts predict that Adobe Inc. will post 10.28 EPS for the current fiscal year.
In other Adobe news, EVP Gloria Chen sold 43 shares of the business’s stock in a transaction dated Friday, July 23rd. The shares were sold at an average price of $625.76, for a total value of $26,907.68. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Abhay Parasnis sold 4,000 shares of the business’s stock in a transaction dated Monday, June 14th. The shares were sold at an average price of $549.00, for a total transaction of $2,196,000.00. Following the completion of the transaction, the executive vice president now owns 36,455 shares in the company, valued at $20,013,795. The disclosure for this sale can be found here. Over the last quarter, insiders sold 17,364 shares of company stock worth $9,901,364. Corporate insiders own 0.23% of the company’s stock.
Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Light room and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.
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