Kentucky Retirement Systems Insurance Trust Fund Invests $2.19 Million in Adobe Inc (ADBE)
Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in Adobe Inc (NASDAQ:ADBE) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 9,656 shares of the software company’s stock, valued at approximately $2,185,000.
Other institutional investors also recently bought and sold shares of the company. Barnett & Company Inc. bought a new stake in Adobe during the fourth quarter worth approximately $32,000. Ruggie Capital Group bought a new stake in Adobe during the fourth quarter worth approximately $33,000. Nalls Sherbakoff Group LLC bought a new stake in Adobe during the fourth quarter worth approximately $34,000. Intercontinental Wealth Advisors LLC bought a new stake in Adobe during the fourth quarter worth approximately $41,000. Finally, Clarfeld Financial Advisors LLC bought a new stake in Adobe during the fourth quarter worth approximately $42,000. Institutional investors and hedge funds own 86.42% of the company’s stock.
In other Adobe news, CMO Ann Lewnes sold 3,000 shares of the stock in a transaction that occurred on Wednesday, January 30th. The shares were sold at an average price of $240.16, for a total value of $720,480.00. Following the completion of the sale, the chief marketing officer now owns 75,368 shares in the company, valued at approximately $18,100,378.88. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Charles M. Geschke sold 21,258 shares of the stock in a transaction that occurred on Tuesday, January 8th. The stock was sold at an average price of $232.71, for a total transaction of $4,946,949.18. The disclosure for this sale can be found here. In the last 90 days, insiders sold 290,607 shares of company stock valued at $71,220,683. 0.32% of the stock is owned by insiders.
Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $1.37 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.62 by ($0.25). The firm had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $2.55 billion. Adobe had a net margin of 28.08% and a return on equity of 30.60%. The firm’s revenue was up 24.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.55 EPS. On average, equities analysts predict that Adobe Inc will post 6.24 earnings per share for the current year.
ADBE has been the subject of a number of research reports. Rosenblatt Securities restated a “buy” rating and set a $280.00 target price on shares of Adobe in a report on Sunday, December 16th. Credit Suisse Group restated a “buy” rating and set a $300.00 target price on shares of Adobe in a report on Monday, December 10th. Citigroup reduced their target price on shares of Adobe from $309.00 to $300.00 and set a “buy” rating for the company in a report on Monday, December 10th. Zacks Investment Research upgraded shares of Adobe from a “hold” rating to a “buy” rating and set a $286.00 target price for the company in a report on Thursday, December 6th. Finally, Nomura set a $315.00 target price on shares of Adobe and gave the stock a “buy” rating in a report on Friday, December 14th. 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’s stock. Adobe has an average 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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