Vigilant Capital Management LLC Trims Stake in Adobe Inc (ADBE)
Vigilant Capital Management LLC trimmed its stake in shares of Adobe Inc (NASDAQ:ADBE) by 63.8% in the first quarter, HoldingsChannel.com reports. The fund owned 127 shares of the software company’s stock after selling 224 shares during the period. Vigilant Capital Management LLC’s holdings in Adobe were worth $34,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of the company. Brookstone Capital Management increased its stake in shares of Adobe by 4.6% during the 4th 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 4th quarter. JOYN Advisors Inc. now owns 622 shares of the software company’s stock worth $141,000 after acquiring an additional 43 shares during the period. Townsend & Associates Inc grew its stake in Adobe by 1.0% in the 1st quarter. Townsend & Associates Inc now owns 4,767 shares of the software company’s stock worth $1,270,000 after acquiring an additional 49 shares during the period. Founders Capital Management grew its stake in Adobe by 0.3% in the 4th quarter. Founders Capital Management now owns 17,500 shares of the software company’s stock worth $3,959,000 after acquiring an additional 50 shares during the period. Finally, Capital Advisors Ltd. LLC grew its stake in Adobe by 7.0% in the 4th quarter. Capital Advisors Ltd. LLC now owns 760 shares of the software company’s stock worth $172,000 after acquiring an additional 50 shares during the period. Institutional investors own 86.68% of the company’s stock.
In other Adobe news, Chairman Shantanu Narayen sold 139,834 shares of the business’s stock in a transaction on Friday, January 25th. The shares were sold at an average price of $245.40, for a total value of $34,315,263.60. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Donna Morris sold 13,804 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $270.00, for a total transaction of $3,727,080.00. Following the completion of the transaction, the executive vice president now owns 5,603 shares in the company, valued at approximately $1,512,810. The disclosure for this sale can be found here. Insiders sold a total of 283,153 shares of company stock worth $70,000,814 in the last quarter. 0.32% of the stock is currently owned by company insiders.
Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, March 14th. The software company reported $1.37 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.62 by ($0.25). The business had revenue of $2.58 billion for the quarter, compared to analyst estimates of $2.55 billion. Adobe had a net margin of 28.08% and a return on equity of 30.60%. The business’s revenue was up 24.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.55 EPS. Sell-side analysts forecast that Adobe Inc will post 6.24 EPS for the current year.
Several analysts have commented on ADBE shares. ValuEngine raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Tuesday, January 15th. BidaskClub raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, January 11th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $280.00 target price on shares of Adobe in a research note on Sunday, December 16th. Pivotal Research raised shares of Adobe from a “hold” rating to a “buy” rating and lifted their target price for the stock from $252.00 to $262.00 in a research note on Monday, January 7th. Finally, DZ Bank raised shares of Adobe from a “hold” rating to a “buy” rating and set a $260.00 target price for the company in a research note on Thursday, December 27th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and nineteen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $285.56.
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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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