Resonant Capital Advisors LLC bought a new stake in Adobe Inc (NASDAQ:ADBE) during the fourth quarter, HoldingsChannel reports. The institutional investor bought 646 shares of the software company’s stock, valued at approximately $213,000.
A number of other hedge funds also recently bought and sold shares of the stock. Manchester Financial Inc. purchased a new stake in Adobe during the 4th quarter worth about $26,000. Solstein Capital LLC purchased a new stake in shares of Adobe during the fourth quarter worth about $27,000. Clear Harbor Asset Management LLC purchased a new stake in shares of Adobe during the fourth quarter worth about $33,000. ICW Investment Advisors LLC purchased a new stake in shares of Adobe during the fourth quarter worth about $33,000. Finally, Kayne Anderson Rudnick Investment Management LLC raised its position in shares of Adobe by 124.4% in the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 101 shares of the software company’s stock valued at $33,000 after buying an additional 56 shares during the last quarter. 85.18% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NASDAQ ADBE traded up $16.76 during midday trading on Thursday, hitting $322.67. The stock had a trading volume of 4,529,997 shares, compared to its average volume of 3,595,468. The company has a market capitalization of $149.81 billion, a price-to-earnings ratio of 48.89, a PEG ratio of 2.38 and a beta of 0.99. Adobe Inc has a 1-year low of $255.13 and a 1-year high of $386.74. The company has a quick ratio of 0.79, a current ratio of 1.23 and a debt-to-equity ratio of 0.39. The company has a fifty day moving average price of $345.53 and a 200 day moving average price of $314.28.
In other Adobe news, EVP Donna Morris sold 25,481 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $348.16, for a total value of $8,871,464.96. Following the transaction, the executive vice president now directly owns 89,690 shares of the company’s stock, valued at $31,226,470.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Charles M. Geschke sold 16,764 shares of the business’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $332.00, for a total value of $5,565,648.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 56,445 shares of company stock valued at $19,174,961. 0.31% of the stock is owned by insiders.
ADBE has been the topic of a number of analyst reports. Argus restated a “buy” rating and set a $368.00 target price on shares of Adobe in a research report on Monday, December 16th. Cowen boosted their price target on Adobe from $315.00 to $325.00 and gave the company a “market perform” rating in a report on Friday, March 13th. Nomura increased their price target on Adobe from $310.00 to $318.00 and gave the stock a “buy” rating in a research note on Friday, December 13th. Citigroup decreased their price objective on Adobe from $329.00 to $293.00 and set a “neutral” rating on the stock in a report on Friday, March 13th. Finally, UBS Group lowered their price objective on Adobe from $430.00 to $344.00 and set a “buy” rating for the company in a research report on Friday, March 13th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. Adobe currently has a consensus rating of “Buy” and a consensus price target of $337.64.
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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