Lourd Capital LLC trimmed its stake in shares of Adobe Inc (NASDAQ:ADBE) by 29.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,020 shares of the software company’s stock after selling 419 shares during the quarter. Lourd Capital LLC’s holdings in Adobe were worth $272,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Bruderman Asset Management LLC raised its stake in 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 purchasing an additional 559 shares in the last quarter. Mackenzie Financial Corp raised its stake in Adobe by 26.1% in the third quarter. Mackenzie Financial Corp now owns 30,772 shares of the software company’s stock valued at $8,307,000 after purchasing an additional 6,372 shares in the last quarter. Wisconsin Capital Management LLC acquired a new position in Adobe in the fourth quarter valued at about $2,738,000. Aviance Capital Partners LLC raised its stake in Adobe by 12.2% in the fourth quarter. Aviance Capital Partners LLC now owns 9,366 shares of the software company’s stock valued at $2,118,000 after purchasing an additional 1,020 shares in the last quarter. Finally, Townsend & Associates Inc raised its stake in Adobe by 1.0% in the first quarter. Townsend & Associates Inc now owns 4,767 shares of the software company’s stock valued at $1,270,000 after purchasing an additional 49 shares in the last quarter. 86.69% of the stock is owned by hedge funds and other institutional investors.
ADBE has been the subject of a number of analyst reports. Canaccord Genuity boosted their price target on Adobe from $290.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, March 15th. ValuEngine raised Adobe from a “hold” rating to a “buy” rating in a research note on Tuesday, January 15th. BidaskClub raised Adobe from a “hold” rating to a “buy” rating in a research note on Friday, January 11th. Pivotal Research raised Adobe from a “hold” rating to a “buy” rating and boosted their price target for the company from $252.00 to $262.00 in a research note on Monday, January 7th. Finally, DZ Bank raised Adobe from a “hold” rating to a “buy” rating and set a $260.00 price target for the company in a research note on Thursday, December 27th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nineteen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $285.56.
Shares of NASDAQ ADBE opened at $271.43 on Wednesday. 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 cap of $132.83 billion, a price-to-earnings ratio of 48.91, a price-to-earnings-growth ratio of 2.66 and a beta of 1.10. Adobe Inc has a 12 month low of $204.95 and a 12 month high of $277.61.
Adobe (NASDAQ:ADBE) last issued its 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 business had revenue of $2.58 billion for the quarter, compared to analyst estimates of $2.55 billion. Adobe had a return on equity of 30.60% and a net margin of 28.08%. The firm’s revenue was up 24.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.55 EPS. On average, sell-side analysts predict that Adobe Inc will post 6.24 earnings per share for the current year.
In other news, CMO Ann Lewnes sold 3,000 shares of the business’s stock in a transaction dated Wednesday, January 30th. The stock was sold at an average price of $240.16, for a total transaction of $720,480.00. Following the sale, the chief marketing officer now directly owns 75,368 shares in the company, valued at $18,100,378.88. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Matthew Thompson sold 41,560 shares of the business’s stock in a transaction dated Monday, January 28th. The stock was sold at an average price of $245.23, for a total value of $10,191,758.80. Following the sale, the executive vice president now owns 63,087 shares in the company, valued at $15,470,825.01. The disclosure for this sale can be found here. In the last three months, insiders have sold 284,330 shares of company stock valued at $70,317,980. Insiders own 0.32% of the company’s stock.
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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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