Tesco Pension Investment Ltd acquired a new position in Adobe Inc. (NASDAQ:ADBE – Get Rating) during the first quarter, Holdings Channel reports. The institutional investor acquired 136,952 shares of the software company's stock, valued at approximately $62,398,000.
A number of other hedge funds have also recently added to or reduced their stakes in ADBE. Benjamin Edwards Inc. bought a new position in Adobe in the fourth quarter worth $35,000. Delos Wealth Advisors LLC increased its stake in shares of Adobe by 169.6% in the fourth quarter. Delos Wealth Advisors LLC now owns 62 shares of the software company's stock valued at $35,000 after buying an additional 39 shares in the last quarter. Industrial Alliance Investment Management Inc. acquired a new stake in shares of Adobe in the fourth quarter valued at $36,000. Core Alternative Capital increased its stake in shares of Adobe by 67.5% in the fourth quarter. Core Alternative Capital now owns 67 shares of the software company's stock valued at $38,000 after buying an additional 27 shares in the last quarter. Finally, Sierra Capital LLC increased its stake in shares of Adobe by 106.1% in the fourth quarter. Sierra Capital LLC now owns 68 shares of the software company's stock valued at $39,000 after buying an additional 35 shares in the last quarter. Institutional investors and hedge funds own 82.54% of the company's stock.
Get Adobe alerts:Adobe Price Performance
Adobe stock opened at $433.43 on Friday. The firm has a market capitalization of $202.85 billion, a P/E ratio of 42.33, a PEG ratio of 2.39 and a beta of 1.12. Adobe Inc. has a one year low of $338.00 and a one year high of $699.54. The business has a fifty day moving average price of $392.99 and a 200-day moving average price of $427.11. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.07 and a quick ratio of 1.07.
Adobe (NASDAQ:ADBE – Get Rating) last released its quarterly earnings data on Thursday, June 16th. The software company reported $2.70 EPS for the quarter, topping the consensus estimate of $2.65 by $0.05. Adobe had a return on equity of 36.70% and a net margin of 29.29%. The firm had revenue of $4.39 billion for the quarter, compared to the consensus estimate of $4.34 billion. During the same quarter in the previous year, the business earned $2.56 earnings per share. As a group, equities research analysts forecast that Adobe Inc. will post 10.99 EPS for the current year.Analyst Upgrades and Downgrades
ADBE has been the topic of several recent research reports. Oppenheimer decreased their price target on Adobe from $560.00 to $400.00 and set an "outperform" rating on the stock in a report on Friday, June 17th. Morgan Stanley cut Adobe from an "overweight" rating to an "equal weight" rating and reduced their target price for the stock from $591.00 to $362.00 in a report on Tuesday, June 21st. Robert W. Baird cut their price objective on Adobe from $550.00 to $450.00 and set an "outperform" rating on the stock in a report on Friday, June 17th. UBS Group cut their price objective on Adobe from $450.00 to $415.00 and set a "neutral" rating on the stock in a report on Friday, June 17th. Finally, Mizuho cut their price objective on Adobe from $530.00 to $480.00 and set a "buy" rating on the stock in a report on Friday, June 17th. Six equities research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. According to MarketBeat.com, Adobe currently has a consensus rating of "Moderate Buy" and an average target price of $489.31.
Insider Activity at Adobe
In other Adobe news, EVP Scott Belsky sold 2,711 shares of the stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $393.58, for a total transaction of $1,066,995.38. Following the completion of the transaction, the executive vice president now owns 26,089 shares of the company's stock, valued at approximately $10,268,108.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Scott Belsky sold 2,711 shares of the stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $393.58, for a total value of $1,066,995.38. Following the completion of the transaction, the executive vice president now owns 26,089 shares of the company's stock, valued at approximately $10,268,108.62. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 132 shares of the stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $409.75, for a total transaction of $54,087.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,465 shares of the company's stock, valued at approximately $1,010,033.75. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,637 shares of company stock valued at $1,438,682. 0.23% of the stock is owned by corporate insiders.
About Adobe
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Adobe Inc 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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