Hancock Whitney Corp increased its position in Adobe Inc (NASDAQ:ADBE) by 885.0% during the 4th quarter, HoldingsChannel.com reports. The fund owned 37,853 shares of the software company’s stock after buying an additional 34,010 shares during the period. Hancock Whitney Corp’s holdings in Adobe were worth $8,564,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Eagle Asset Management Inc. increased its holdings in shares of Adobe by 4.4% during the 3rd quarter. Eagle Asset Management Inc. now owns 26,722 shares of the software company’s stock worth $7,213,000 after purchasing an additional 1,122 shares during the period. Martingale Asset Management L P increased its holdings in shares of Adobe by 11.9% during the 3rd quarter. Martingale Asset Management L P now owns 250,075 shares of the software company’s stock worth $67,508,000 after purchasing an additional 26,669 shares during the period. Blue Fin Capital Inc. bought a new position in shares of Adobe during the 3rd quarter worth about $406,000. Rafferty Asset Management LLC increased its holdings in shares of Adobe by 12.6% during the 3rd quarter. Rafferty Asset Management LLC now owns 7,621 shares of the software company’s stock worth $2,057,000 after purchasing an additional 854 shares during the period. Finally, Ontario Teachers Pension Plan Board increased its holdings in shares of Adobe by 17.8% during the 3rd quarter. Ontario Teachers Pension Plan Board now owns 12,215 shares of the software company’s stock worth $3,297,000 after purchasing an additional 1,845 shares during the period. Hedge funds and other institutional investors own 85.47% of the company’s stock.
Several research analysts have recently issued reports on the stock. BidaskClub upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, January 11th. Zacks Investment Research downgraded shares of Adobe from a “hold” rating to a “sell” rating in a report on Tuesday, February 12th. BMO Capital Markets boosted their price objective on shares of Adobe from $295.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, December 14th. ValuEngine upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Tuesday, January 15th. Finally, Credit Suisse Group reiterated a “buy” rating and set a $300.00 target price on shares of Adobe in a research report on Friday, January 25th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eighteen have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $285.56.
In other Adobe news, CMO Ann Lewnes sold 3,000 shares of the business’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $260.54, for a total value of $781,620.00. Following the transaction, the chief marketing officer now directly owns 69,368 shares in the company, valued at $18,073,138.72. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director John E. Warnock sold 2,000 shares of the business’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $260.47, for a total transaction of $520,940.00. Following the completion of the transaction, the director now owns 16,088 shares in the company, valued at $4,190,441.36. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 290,607 shares of company stock worth $71,220,683. Company insiders own 0.32% of the company’s stock.
NASDAQ:ADBE opened at $259.69 on Friday. The stock has a market capitalization of $127.02 billion, a price-to-earnings ratio of 46.79, a PEG ratio of 2.54 and a beta of 1.10. Adobe Inc has a 12 month low of $204.95 and a 12 month high of $277.61. The company has a current ratio of 0.97, a quick ratio of 1.13 and a debt-to-equity ratio of 0.33.
Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 14th. The software company reported $1.37 EPS for the quarter, missing the Zacks’ consensus estimate of $1.62 by ($0.25). The firm had revenue of $2.58 billion during the quarter, compared to analyst estimates of $2.55 billion. Adobe had a net margin of 28.08% and a return on equity of 30.60%. Adobe’s quarterly revenue was up 24.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.55 earnings per share. Research analysts predict that Adobe Inc will post 6.24 earnings per share for the current fiscal year.
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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