Kinneret Advisory LLC Takes Position in Adobe Inc (ADBE)

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Kinneret Advisory LLC purchased a new position in shares of Adobe Inc (NASDAQ:ADBE) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 12,222 shares of the software company’s stock, valued at approximately $2,765,000.

A number of other large investors also recently bought and sold shares of the business. Mackenzie Financial Corp raised its stake in shares of Adobe by 26.1% in the 3rd quarter. Mackenzie Financial Corp now owns 30,772 shares of the software company’s stock valued at $8,307,000 after acquiring an additional 6,372 shares during the period. Eqis Capital Management Inc. raised its stake in shares of Adobe by 24.6% in the 4th quarter. Eqis Capital Management Inc. now owns 1,126 shares of the software company’s stock valued at $255,000 after acquiring an additional 222 shares during the period. Questar Asset Management Inc. purchased a new position in shares of Adobe in the 4th quarter valued at $308,000. Chase Investment Counsel Corp raised its stake in shares of Adobe by 24.2% in the 4th quarter. Chase Investment Counsel Corp now owns 36,615 shares of the software company’s stock valued at $8,283,000 after acquiring an additional 7,129 shares during the period. Finally, Fulton Bank N.A. raised its stake in shares of Adobe by 26.1% in the 4th quarter. Fulton Bank N.A. now owns 1,251 shares of the software company’s stock valued at $283,000 after acquiring an additional 259 shares during the period. 85.88% of the stock is currently owned by institutional investors.

A number of brokerages have recently commented on ADBE. BidaskClub raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, January 11th. Zacks Investment Research downgraded shares of Adobe from a “hold” rating to a “sell” rating in a research note on Tuesday, February 12th. BMO Capital Markets raised their target price on shares of Adobe from $295.00 to $300.00 and gave the company an “outperform” rating in a research note on Friday, December 14th. ValuEngine raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Tuesday, January 15th. Finally, Credit Suisse Group reissued a “buy” rating and issued a $300.00 target price on shares of Adobe in a research note on Friday, January 25th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eighteen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $284.81.

ADBE opened at $267.69 on Friday. The firm has a market cap of $129.31 billion, a P/E ratio of 48.23, a PEG ratio of 2.59 and a beta of 1.10. Adobe Inc has a twelve month low of $204.95 and a twelve month high of $277.61. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.44.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $1.37 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.62 by ($0.25). The company had revenue of $2.58 billion for the quarter, compared to analyst estimates of $2.55 billion. Adobe had a return on equity of 31.19% and a net margin of 28.69%. Adobe’s revenue was up 24.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.55 earnings per share. Equities analysts forecast that Adobe Inc will post 6.21 earnings per share for the current year.

In other Adobe news, CMO Ann Lewnes sold 3,000 shares of the firm’s stock in a transaction on Wednesday, January 30th. The shares were sold at an average price of $240.16, for a total transaction of $720,480.00. Following the completion of the transaction, the chief marketing officer now directly owns 75,368 shares of the company’s stock, valued at approximately $18,100,378.88. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Shantanu Narayen sold 139,834 shares of the firm’s stock in a transaction on Friday, January 25th. The stock was sold at an average price of $245.40, for a total transaction of $34,315,263.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 282,344 shares of company stock valued at $69,007,648. 0.32% of the stock is owned by company insiders.

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Adobe 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 customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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