Cadinha & Co. LLC Grows Position in Adobe Inc (NASDAQ:ADBE)
Cadinha & Co. LLC lifted its position in shares of Adobe Inc (NASDAQ:ADBE) by 1.2% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 48,625 shares of the software company’s stock after purchasing an additional 576 shares during the quarter. Adobe accounts for about 2.3% of Cadinha & Co. LLC’s holdings, making the stock its 16th largest holding. Cadinha & Co. LLC’s holdings in Adobe were worth $16,037,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Davis R M Inc. raised its holdings in shares of Adobe by 25.0% during the 4th quarter. Davis R M Inc. now owns 1,816 shares of the software company’s stock valued at $599,000 after buying an additional 363 shares in the last quarter. Round Table Services LLC purchased a new position in shares of Adobe during the 4th quarter valued at about $203,000. Harel Insurance Investments & Financial Services Ltd. raised its holdings in shares of Adobe by 122.0% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 3,363 shares of the software company’s stock valued at $1,109,000 after buying an additional 1,848 shares in the last quarter. Harbour Capital Advisors LLC raised its holdings in shares of Adobe by 2.9% during the 4th quarter. Harbour Capital Advisors LLC now owns 6,764 shares of the software company’s stock valued at $2,231,000 after buying an additional 189 shares in the last quarter. Finally, Ballentine Partners LLC raised its holdings in shares of Adobe by 0.9% during the 4th quarter. Ballentine Partners LLC now owns 4,538 shares of the software company’s stock valued at $1,498,000 after buying an additional 42 shares in the last quarter. 85.05% of the stock is currently owned by institutional investors.
A number of equities analysts have commented on the company. Wells Fargo & Co lifted their price target on Adobe from $315.00 to $345.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. Piper Jaffray Companies lifted their price target on Adobe from $339.00 to $360.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Argus reaffirmed a “buy” rating and issued a $368.00 price target on shares of Adobe in a research note on Monday, December 16th. BMO Capital Markets lifted their price target on Adobe from $300.00 to $350.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 11th. Finally, Cleveland Research assumed coverage on Adobe in a research note on Tuesday, October 15th. They issued a “neutral” rating and a $283.00 price target on the stock. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and eighteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $336.28.
Shares of ADBE stock traded up $1.70 during trading hours on Thursday, reaching $351.76. The company’s stock had a trading volume of 1,420,871 shares, compared to its average volume of 1,636,796. The stock has a market capitalization of $169.43 billion, a P/E ratio of 58.63, a P/E/G ratio of 2.69 and a beta of 1.11. Adobe Inc has a one year low of $237.27 and a one year high of $352.37. The firm’s fifty day simple moving average is $329.07 and its 200 day simple moving average is $298.62. The company has a current ratio of 0.79, a quick ratio of 0.74 and a debt-to-equity ratio of 0.09.
Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, December 12th. The software company reported $2.29 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.26 by $0.03. The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.97 billion. Adobe had a return on equity of 31.47% and a net margin of 26.42%. The business’s quarterly revenue was up 21.4% compared to the same quarter last year. During the same period last year, the company earned $1.83 EPS. As a group, equities research analysts forecast that Adobe Inc will post 8.02 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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