Adobe Inc (ADBE) Holdings Reduced by Advisory Services Network LLC
Advisory Services Network LLC trimmed its position in shares of Adobe Inc (NASDAQ:ADBE) by 1.7% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,009 shares of the software company’s stock after selling 317 shares during the quarter. Advisory Services Network LLC’s holdings in Adobe were worth $4,074,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of ADBE. Brookstone Capital Management boosted its stake in shares of Adobe by 4.6% during the fourth quarter. Brookstone Capital Management now owns 928 shares of the software company’s stock valued at $210,000 after purchasing an additional 41 shares during the period. JOYN Advisors Inc. boosted its stake in shares of Adobe by 7.4% during the fourth quarter. JOYN Advisors Inc. now owns 622 shares of the software company’s stock valued at $141,000 after purchasing an additional 43 shares during the period. Founders Capital Management boosted its stake in shares of Adobe by 0.3% during the fourth quarter. Founders Capital Management now owns 17,500 shares of the software company’s stock valued at $3,959,000 after purchasing an additional 50 shares during the period. Capital Advisors Ltd. LLC boosted its stake in shares of Adobe by 7.0% during the fourth quarter. Capital Advisors Ltd. LLC now owns 760 shares of the software company’s stock valued at $172,000 after purchasing an additional 50 shares during the period. Finally, RB Capital Management LLC boosted its stake in shares of Adobe by 1.3% during the fourth quarter. RB Capital Management LLC now owns 4,513 shares of the software company’s stock valued at $1,021,000 after purchasing an additional 57 shares during the period. 86.42% of the stock is owned by institutional investors.
ADBE has been the subject of a number of recent analyst reports. Citigroup lowered their target price on shares of Adobe from $309.00 to $300.00 and set a “buy” rating for the company in a research note on Monday, December 10th. Zacks Investment Research downgraded Adobe from a “buy” rating to a “hold” rating in a report on Monday, November 26th. DZ Bank upgraded Adobe from a “hold” rating to a “buy” rating and set a $260.00 price objective for the company in a report on Thursday, December 27th. Morgan Stanley restated an “equal weight” rating and issued a $255.00 price objective on shares of Adobe in a report on Friday, December 14th. Finally, KeyCorp decreased their price objective on Adobe from $286.00 to $282.00 and set an “overweight” rating for the company in a report on Friday, December 14th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and nineteen have issued a buy rating to the company. Adobe presently has an average rating of “Buy” and a consensus target price of $285.56.
Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $1.37 EPS for the quarter, missing the Zacks’ consensus estimate of $1.62 by ($0.25). The firm had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.55 billion. Adobe had a return on equity of 30.60% and a net margin of 28.08%. The business’s revenue for the quarter was up 24.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.55 earnings per share. On average, sell-side analysts anticipate that Adobe Inc will post 6.24 EPS for the current year.
In other Adobe news, Director Charles M. Geschke sold 21,258 shares of the business’s stock in a transaction dated Tuesday, January 8th. The shares were sold at an average price of $232.71, for a total value of $4,946,949.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CMO Ann Lewnes sold 3,000 shares of the business’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $260.54, for a total transaction of $781,620.00. Following the completion of the transaction, the chief marketing officer now owns 69,368 shares of the company’s stock, valued at $18,073,138.72. The disclosure for this sale can be found here. Insiders sold 290,607 shares of company stock valued at $71,220,683 over the last quarter. 0.32% of the stock is currently owned by corporate insiders.
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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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