Hexavest Inc. Reduces Position in Adobe Inc (NASDAQ:ADBE)
Hexavest Inc. cut its holdings in shares of Adobe Inc (NASDAQ:ADBE) by 32.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 56,630 shares of the software company’s stock after selling 27,625 shares during the period. Hexavest Inc.’s holdings in Adobe were worth $24,652,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in ADBE. Stephenson National Bank & Trust purchased a new stake in shares of Adobe during the fourth quarter valued at $25,000. Lion Street Advisors LLC bought a new position in Adobe in the first quarter worth approximately $25,000. Sowa Financial Group Inc. bought a new position in Adobe in the fourth quarter worth approximately $26,000. Lloyd Advisory Services LLC. raised its position in Adobe by 256.5% in the first quarter. Lloyd Advisory Services LLC. now owns 82 shares of the software company’s stock worth $26,000 after acquiring an additional 59 shares during the period. Finally, Laurel Wealth Advisors LLC raised its position in Adobe by 50.0% in the first quarter. Laurel Wealth Advisors LLC now owns 96 shares of the software company’s stock worth $31,000 after acquiring an additional 32 shares during the period. 84.25% of the stock is currently owned by institutional investors.
In other Adobe news, CMO Ann Lewnes sold 5,000 shares of the stock in a transaction on Friday, May 1st. The shares were sold at an average price of $348.26, for a total transaction of $1,741,300.00. Following the completion of the transaction, the chief marketing officer now owns 54,874 shares in the company, valued at $19,110,419.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 600 shares of the stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $335.34, for a total transaction of $201,204.00. Following the transaction, the executive vice president now owns 13,055 shares of the company’s stock, valued at approximately $4,377,863.70. The disclosure for this sale can be found here. Insiders have sold 31,222 shares of company stock valued at $12,455,378 in the last quarter. 0.31% of the stock is owned by company insiders.
Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, June 11th. The software company reported $2.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.33 by $0.12. The company had revenue of $3.13 billion during the quarter, compared to analysts’ expectations of $3.16 billion. Adobe had a net margin of 30.72% and a return on equity of 35.53%. Adobe’s quarterly revenue was up 14.1% on a year-over-year basis. During the same period last year, the company posted $1.83 earnings per share. On average, equities research analysts forecast that Adobe Inc will post 8.05 earnings per share for the current year.
ADBE has been the topic of several recent research reports. Morgan Stanley increased their price target on shares of Adobe from $375.00 to $450.00 and gave the stock an “overweight” rating in a research report on Friday, June 12th. Cfra decreased their price target on shares of Adobe from $365.00 to $359.00 and set a “buy” rating on the stock in a research report on Tuesday, March 17th. Stifel Nicolaus increased their price target on shares of Adobe from $325.00 to $426.00 in a research report on Friday, June 12th. DZ Bank downgraded shares of Adobe from a “buy” rating to a “hold” rating and set a $370.00 price target on the stock. in a research report on Thursday, May 14th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Adobe from $325.00 to $430.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company’s stock. Adobe currently has an average rating of “Buy” and a consensus price target of $407.43.
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.
See Also: Accumulation/Distribution
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