Procyon Advisors LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE – Get Rating) by 65.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,062 shares of the software company’s stock after purchasing an additional 1,214 shares during the quarter. Procyon Advisors LLC’s holdings in Adobe were worth $1,030,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Adobe by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 39,170,306 shares of the software company’s stock worth $10,779,668,000 after purchasing an additional 146,288 shares during the period. State Street Corp boosted its position in shares of Adobe by 0.4% in the 3rd quarter. State Street Corp now owns 18,620,262 shares of the software company’s stock worth $5,124,296,000 after buying an additional 71,250 shares in the last quarter. Polen Capital Management LLC boosted its position in shares of Adobe by 1.1% in the 3rd quarter. Polen Capital Management LLC now owns 6,930,964 shares of the software company’s stock worth $1,907,401,000 after buying an additional 76,097 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Adobe by 7.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 6,424,266 shares of the software company’s stock worth $2,351,667,000 after buying an additional 435,380 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in shares of Adobe by 0.6% in the 2nd quarter. Legal & General Group Plc now owns 3,625,238 shares of the software company’s stock worth $1,327,056,000 after buying an additional 22,791 shares in the last quarter. 79.36% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
ADBE has been the topic of several recent research reports. Royal Bank of Canada boosted their price objective on shares of Adobe from $395.00 to $415.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 22nd. Citigroup boosted their price objective on shares of Adobe from $337.00 to $355.00 and gave the stock a “neutral” rating in a research report on Monday, December 19th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Adobe from $400.00 to $430.00 and gave the company a “buy” rating in a report on Friday, December 16th. Stifel Nicolaus upped their target price on shares of Adobe from $375.00 to $400.00 in a report on Friday, December 16th. Finally, DA Davidson started coverage on shares of Adobe in a report on Tuesday, January 17th. They issued a “neutral” rating and a $350.00 target price on the stock. Sixteen equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Adobe currently has a consensus rating of “Hold” and an average price target of $409.19.
Adobe Stock Up 1.6 %
Adobe (NASDAQ:ADBE – Get Rating) last issued its quarterly earnings data on Wednesday, March 15th. The software company reported $3.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.68 by $0.12. Adobe had a net margin of 26.32% and a return on equity of 36.53%. The company had revenue of $4.66 billion during the quarter, compared to the consensus estimate of $4.62 billion. During the same quarter last year, the company earned $2.84 earnings per share. Adobe’s revenue for the quarter was up 9.2% on a year-over-year basis. As a group, analysts forecast that Adobe Inc. will post 12.22 earnings per share for the current fiscal year.
Insider Buying and Selling at Adobe
In other Adobe news, CAO Mark S. Garfield sold 132 shares of the stock in a transaction that occurred on Friday, March 17th. The shares were sold at an average price of $354.78, for a total value of $46,830.96. Following the completion of the sale, the chief accounting officer now owns 3,610 shares of the company’s stock, valued at $1,280,755.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Mark S. Garfield sold 132 shares of the stock in a transaction that occurred on Friday, March 17th. The stock was sold at an average price of $354.78, for a total transaction of $46,830.96. Following the completion of the transaction, the chief accounting officer now directly owns 3,610 shares in the company, valued at approximately $1,280,755.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director John E. Warnock sold 3,000 shares of the stock in a transaction that occurred on Thursday, January 12th. The shares were sold at an average price of $341.91, for a total value of $1,025,730.00. Following the transaction, the director now owns 380,465 shares of the company’s stock, valued at $130,084,788.15. The disclosure for this sale can be found here. Insiders sold 22,747 shares of company stock valued at $7,915,709 over the last 90 days. 0.24% of the stock is owned by corporate insiders.
Adobe Company Profile
Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.
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