Renaissance Group LLC cut its stake in Adobe Inc (NASDAQ:ADBE) by 5.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 111,009 shares of the software company’s stock after selling 6,217 shares during the period. Adobe makes up 1.2% of Renaissance Group LLC’s investment portfolio, making the stock its 25th largest position. Renaissance Group LLC’s holdings in Adobe were worth $25,115,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Ruggie Capital Group acquired a new position in Adobe during the fourth quarter valued at approximately $33,000. Intercontinental Wealth Advisors LLC acquired a new position in Adobe during the fourth quarter valued at approximately $41,000. Contravisory Investment Management Inc. lifted its position in Adobe by 159.5% during the fourth quarter. Contravisory Investment Management Inc. now owns 205 shares of the software company’s stock valued at $46,000 after buying an additional 126 shares in the last quarter. Global Trust Asset Management LLC lifted its position in Adobe by 105.5% during the fourth quarter. Global Trust Asset Management LLC now owns 409 shares of the software company’s stock valued at $93,000 after buying an additional 210 shares in the last quarter. Finally, Capital Guardian Trust Co. acquired a new position in Adobe during the third quarter valued at approximately $102,000. 84.75% of the stock is currently owned by institutional investors and hedge funds.
ADBE opened at $257.00 on Friday. The company has a market cap of $125.35 billion, a PE ratio of 46.31, a PEG ratio of 2.49 and a beta of 1.15. Adobe Inc has a 52-week low of $179.34 and a 52-week high of $277.61. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.13 and a current ratio of 1.13.
Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, December 13th. The software company reported $1.83 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.88 by ($0.05). The firm had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Adobe had a net margin of 28.69% and a return on equity of 31.19%. The company’s revenue for the quarter was up 20.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.26 EPS. Equities research analysts predict that Adobe Inc will post 6.21 EPS for the current fiscal year.
A number of brokerages have weighed in on ADBE. Zacks Investment Research cut shares of Adobe from a “buy” rating to a “hold” rating in a research report on Monday, December 3rd. Wedbush began coverage on shares of Adobe in a research report on Thursday, October 18th. They set a “neutral” rating and a $270.00 price target on the stock. Morgan Stanley reaffirmed an “equal weight” rating and set a $255.00 price target on shares of Adobe in a research report on Friday, December 14th. Pivotal Research reaffirmed a “hold” rating and set a $252.00 price target (down from $254.00) on shares of Adobe in a research report on Friday, December 14th. Finally, BMO Capital Markets lifted their price target on shares of Adobe from $295.00 to $300.00 and gave the company an “outperform” rating in a research report on Friday, December 14th. Nine equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $284.62.
In related news, Chairman Shantanu Narayen sold 139,834 shares of Adobe stock in a transaction on Friday, January 25th. The shares were sold at an average price of $245.40, for a total value of $34,315,263.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ann Lewnes sold 2,692 shares of Adobe stock in a transaction on Wednesday, December 19th. The stock was sold at an average price of $226.05, for a total transaction of $608,526.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 282,299 shares of company stock valued at $68,899,256. Insiders own 0.33% of the company’s stock.
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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 customers to download and install the latest versions of its creative products.
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