West Branch Capital LLC purchased a new position in Adobe Inc (NASDAQ:ADBE) in the first quarter, HoldingsChannel reports. The firm purchased 850 shares of the software company’s stock, valued at approximately $227,000.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Buffington Mohr McNeal bought a new position in Adobe during the first quarter valued at $26,000. Liberty Wealth Management LLC bought a new position in Adobe during the fourth quarter valued at $30,000. Barnett & Company Inc. bought a new position in Adobe during the fourth quarter valued at $32,000. Ruggie Capital Group bought a new position in Adobe during the fourth quarter valued at $33,000. Finally, Nalls Sherbakoff Group LLC bought a new position in Adobe during the fourth quarter valued at $34,000. Institutional investors and hedge funds own 86.99% of the company’s stock.
ADBE stock traded down $4.50 during trading on Thursday, hitting $272.27. The company had a trading volume of 40,882 shares, compared to its average volume of 2,857,687. The company has a market capitalization of $134.42 billion, a PE ratio of 48.94, a P/E/G ratio of 2.79 and a beta of 1.11. Adobe Inc has a 52-week low of $204.95 and a 52-week 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.
Adobe (NASDAQ:ADBE) last posted 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 company had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $2.55 billion. Adobe had a return on equity of 30.60% and a net margin of 28.08%. The company’s quarterly revenue was up 24.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.55 EPS. Sell-side analysts forecast that Adobe Inc will post 6.24 EPS for the current fiscal year.
In other Adobe news, EVP Donna Morris sold 10,000 shares of the stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $290.00, for a total transaction of $2,900,000.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Dana Rao sold 5,955 shares of the stock in a transaction dated 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 transaction, the executive vice president now owns 17,087 shares in the company, valued at $4,358,551.96. The disclosure for this sale can be found here. Insiders sold a total of 56,936 shares of company stock worth $15,481,738 in the last ninety days. 0.32% of the stock is currently owned by insiders.
Several equities analysts have commented on the stock. BidaskClub upgraded shares of Adobe from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, April 30th. Morgan Stanley raised shares of Adobe from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $282.00 to $340.00 in a research note on Monday, April 29th. Rosenblatt Securities reissued a “buy” rating and issued a $280.00 target price on shares of Adobe in a research note on Friday, March 29th. Barclays reissued a “buy” rating and issued a $304.00 target price on shares of Adobe in a research note on Monday, March 18th. Finally, Canaccord Genuity increased their target price on shares of Adobe from $290.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, March 15th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. Adobe currently has a consensus rating of “Buy” and an average target price of $288.70.
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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