North American Management Corp purchased a new stake in Adobe Inc (NASDAQ:ADBE) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 1,110 shares of the software company’s stock, valued at approximately $327,000.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. RDA Financial Network boosted its stake in Adobe by 9.4% in the 2nd quarter. RDA Financial Network now owns 3,899 shares of the software company’s stock worth $1,181,000 after buying an additional 334 shares during the last quarter. Carderock Capital Management Inc. raised its holdings in shares of Adobe by 133.8% during the 1st quarter. Carderock Capital Management Inc. now owns 11,479 shares of the software company’s stock valued at $3,059,000 after buying an additional 6,569 shares during the period. Glaxis Capital Management LLC purchased a new stake in shares of Adobe during the 1st quarter valued at about $1,892,000. Retirement Systems of Alabama raised its holdings in shares of Adobe by 0.6% during the 1st quarter. Retirement Systems of Alabama now owns 227,106 shares of the software company’s stock valued at $60,521,000 after buying an additional 1,294 shares during the period. Finally, Sawtooth Solutions LLC raised its holdings in shares of Adobe by 41.6% during the 1st quarter. Sawtooth Solutions LLC now owns 5,957 shares of the software company’s stock valued at $1,587,000 after buying an additional 1,751 shares during the period. 86.32% of the stock is owned by hedge funds and other institutional investors.
In related news, EVP Ann Lewnes sold 3,000 shares of the business’s stock in a transaction dated Wednesday, June 19th. The stock was sold at an average price of $287.00, for a total transaction of $861,000.00. Following the completion of the transaction, the executive vice president now owns 58,458 shares of the company’s stock, valued at approximately $16,777,446. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Dana Rao sold 2,832 shares of the business’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $303.36, for a total value of $859,115.52. The disclosure for this sale can be found here. Insiders have sold a total of 29,627 shares of company stock valued at $8,638,724 in the last three months. 0.32% of the stock is owned by insiders.
Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, June 18th. The software company reported $1.83 earnings per share for the quarter, topping the consensus estimate of $1.78 by $0.05. Adobe had a return on equity of 29.96% and a net margin of 26.25%. The business had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.70 billion. During the same quarter in the previous year, the firm earned $1.66 EPS. The firm’s revenue was up 25.0% compared to the same quarter last year. On average, research analysts anticipate that Adobe Inc will post 6.3 EPS for the current year.
Several brokerages recently commented on ADBE. Barclays raised their target price on Adobe from $304.00 to $330.00 and gave the company an “overweight” rating in a report on Wednesday, June 19th. BMO Capital Markets raised their price objective on Adobe from $300.00 to $315.00 and gave the company an “outperform” rating in a research note on Wednesday, June 19th. Stephens upgraded Adobe from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $288.00 to $327.00 in a research report on Wednesday, June 19th. BidaskClub lowered Adobe from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, JPMorgan Chase & Co. lifted their target price on Adobe from $284.00 to $329.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 19th. Nine research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $301.69.
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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