Jag Capital Management LLC Has $13.63 Million Stake in Adobe Inc (ADBE)
Jag Capital Management LLC lifted its stake in shares of Adobe Inc (NASDAQ:ADBE) by 7.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,159 shares of the software company’s stock after acquiring an additional 3,670 shares during the quarter. Adobe makes up 2.2% of Jag Capital Management LLC’s holdings, making the stock its 24th biggest holding. Jag Capital Management LLC’s holdings in Adobe were worth $13,634,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently modified their holdings of ADBE. Brookstone Capital Management increased its holdings in Adobe by 4.6% in the fourth quarter. Brookstone Capital Management now owns 928 shares of the software company’s stock worth $210,000 after purchasing an additional 41 shares in the last quarter. JOYN Advisors Inc. grew its stake in Adobe by 7.4% in the fourth quarter. JOYN Advisors Inc. now owns 622 shares of the software company’s stock valued at $141,000 after acquiring an additional 43 shares during the period. Ipswich Investment Management Co. Inc. grew its stake in Adobe by 2.8% in the first quarter. Ipswich Investment Management Co. Inc. now owns 1,640 shares of the software company’s stock valued at $437,000 after acquiring an additional 45 shares during the period. Townsend & Associates Inc grew its stake in Adobe by 1.0% in the first quarter. Townsend & Associates Inc now owns 4,767 shares of the software company’s stock valued at $1,270,000 after acquiring an additional 49 shares during the period. Finally, Founders Capital Management grew its stake in Adobe by 0.3% in the fourth quarter. Founders Capital Management now owns 17,500 shares of the software company’s stock valued at $3,959,000 after acquiring an additional 50 shares during the period. Institutional investors own 86.68% of the company’s stock.
Shares of NASDAQ:ADBE traded up $0.36 during mid-day trading on Monday, hitting $272.22. 1,332,952 shares of the company traded hands, compared to its average volume of 2,962,196. The stock has a market cap of $133.44 billion, a price-to-earnings ratio of 49.05, a PEG ratio of 2.66 and a beta of 1.10. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.33. Adobe Inc has a 12-month low of $204.95 and a 12-month high of $277.61.
In other Adobe news, EVP Bradley Rencher sold 30,000 shares of the business’s stock in a transaction on Thursday, January 31st. The stock was sold at an average price of $246.46, for a total value of $7,393,800.00. Following the transaction, the executive vice president now owns 42,340 shares of the company’s stock, valued at $10,435,116.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CMO Ann Lewnes sold 3,000 shares of the business’s stock in a transaction on Wednesday, January 30th. The stock was sold at an average price of $240.16, for a total value of $720,480.00. Following the completion of the transaction, the chief marketing officer now directly owns 75,368 shares in the company, valued at approximately $18,100,378.88. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 284,330 shares of company stock worth $70,317,980. 0.32% of the stock is owned by insiders.
A number of brokerages have commented on ADBE. BidaskClub raised Adobe from a “hold” rating to a “buy” rating in a research note on Friday, January 11th. Zacks Investment Research cut Adobe from a “hold” rating to a “sell” rating in a research note on Tuesday, February 12th. Rosenblatt Securities reissued a “buy” rating and issued a $280.00 price objective on shares of Adobe in a research note on Friday, March 29th. ValuEngine raised Adobe from a “hold” rating to a “buy” rating in a research note on Tuesday, January 15th. Finally, Credit Suisse Group reissued a “buy” rating and issued a $300.00 price objective on shares of Adobe in a research note on Friday, January 25th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and nineteen have given a buy rating to the company. Adobe has a consensus rating of “Buy” and an average target price of $285.56.
Adobe Company Profile
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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