Mitchell Capital Management Co. reduced its holdings in shares of Adobe Inc (NASDAQ:ADBE) by 45.3% during the first quarter, HoldingsChannel.com reports. The fund owned 17,291 shares of the software company’s stock after selling 14,303 shares during the quarter. Adobe makes up approximately 1.6% of Mitchell Capital Management Co.’s investment portfolio, making the stock its 19th largest position. Mitchell Capital Management Co.’s holdings in Adobe were worth $4,608,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Carderock Capital Management Inc. raised its stake in shares of Adobe by 133.8% in the first 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 bought a new stake in shares of Adobe in the first quarter valued at $1,892,000. Bruderman Asset Management LLC raised its stake in shares of Adobe by 81.0% in the fourth quarter. Bruderman Asset Management LLC now owns 1,249 shares of the software company’s stock valued at $283,000 after buying an additional 559 shares during the period. Retirement Systems of Alabama raised its stake in shares of Adobe by 0.6% in the first 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, B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund bought a new stake in shares of Adobe in the fourth quarter valued at $1,229,000. Institutional investors and hedge funds own 86.40% of the company’s stock.
ADBE has been the subject of several recent research reports. BidaskClub cut Adobe from a “buy” rating to a “hold” rating in a research report on Wednesday, February 20th. Stephens initiated coverage on Adobe in a research report on Wednesday, January 16th. They issued an “equal weight” rating and a $278.00 price target for the company. Rosenblatt Securities reiterated a “buy” rating and issued a $280.00 price target on shares of Adobe in a research report on Friday, March 29th. Canaccord Genuity lifted their price target on Adobe from $290.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, March 15th. Finally, DZ Bank reiterated a “hold” rating on shares of Adobe in a research report on Friday, February 22nd. Nine analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $289.63.
NASDAQ ADBE opened at $271.86 on Thursday. Adobe Inc has a 1-year low of $204.95 and a 1-year high of $291.70. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a market capitalization of $130.62 billion, a PE ratio of 48.98, a P/E/G ratio of 2.62 and a beta of 1.11.
Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, March 14th. The software company reported $1.37 earnings per share for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.25). Adobe had a net margin of 28.08% and a return on equity of 30.60%. The company had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.55 billion. During the same period last year, the firm posted $1.55 EPS. The company’s revenue was up 24.1% on a year-over-year basis. Equities research analysts forecast that Adobe Inc will post 6.24 earnings per share for the current year.
In other Adobe news, EVP Dana Rao sold 5,955 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $255.08, for a total transaction of $1,519,001.40. Following the completion of the transaction, the executive vice president now owns 17,087 shares of the company’s stock, valued at approximately $4,358,551.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Donna Morris sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $290.00, for a total value of $2,900,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 56,936 shares of company stock valued at $15,481,738. 0.32% of the stock is currently owned by corporate insiders.
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.
See Also: Net Income
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