CCLA Investment Management grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 29.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 256,448 shares of the software company’s stock after purchasing an additional 58,173 shares during the period. Adobe makes up 2.2% of CCLA Investment Management’s portfolio, making the stock its 8th biggest holding. CCLA Investment Management owned 0.06% of Adobe worth $140,326,000 as of its most recent SEC filing.
Several other hedge funds also recently made changes to their positions in the business. Concentrum Wealth Management lifted its holdings in shares of Adobe by 11.3% during the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after purchasing an additional 244,008 shares during the last quarter. Aveo Capital Partners LLC boosted its holdings in shares of Adobe by 5.9% in the fourth quarter. Aveo Capital Partners LLC now owns 932 shares of the software company’s stock worth $556,000 after buying an additional 52 shares during the period. Gryphon Financial Partners LLC increased its position in shares of Adobe by 22.7% in the fourth quarter. Gryphon Financial Partners LLC now owns 3,561 shares of the software company’s stock worth $2,066,000 after acquiring an additional 658 shares in the last quarter. TrinityPoint Wealth LLC raised its holdings in shares of Adobe by 3.0% during the fourth quarter. TrinityPoint Wealth LLC now owns 1,097 shares of the software company’s stock valued at $654,000 after acquiring an additional 32 shares during the period. Finally, Sachetta LLC purchased a new stake in shares of Adobe in the 4th quarter valued at approximately $83,000. Institutional investors and hedge funds own 81.79% of the company’s stock.
Insiders Place Their Bets
In other news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the sale, the executive vice president now owns 20,359 shares in the company, valued at approximately $11,405,722.57. The disclosure for this sale can be found here. Insiders have sold 27,259 shares of company stock worth $14,855,543 in the last ninety days. Insiders own 0.15% of the company’s stock.
Adobe Trading Down 1.2 %
Adobe (NASDAQ:ADBE – Get Free Report) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period in the previous year, the company posted $3.26 earnings per share. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. Equities analysts anticipate that Adobe Inc. will post 14.69 EPS for the current year.
Analyst Upgrades and Downgrades
Several analysts have issued reports on the stock. Sanford C. Bernstein cut their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. Evercore ISI reissued an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a research note on Friday, June 7th. Melius Research reaffirmed a “hold” rating and set a $510.00 target price on shares of Adobe in a research note on Monday, June 10th. Barclays increased their price target on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Finally, BMO Capital Markets boosted their price objective on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.58.
Check Out Our Latest Stock Report on ADBE
Adobe Profile
Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.
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