Twin Capital Management Inc. cut its position in shares of Adobe Inc (NASDAQ:ADBE) by 32.0% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 47,640 shares of the software company’s stock after selling 22,423 shares during the quarter. Adobe accounts for 1.0% of Twin Capital Management Inc.’s investment portfolio, making the stock its 23rd biggest holding. Twin Capital Management Inc.’s holdings in Adobe were worth $14,037,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the stock. Dimensional Fund Advisors LP grew its stake in shares of Adobe by 1.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 878,281 shares of the software company’s stock valued at $198,698,000 after purchasing an additional 13,421 shares during the last quarter. First Manhattan Co. grew its position in shares of Adobe by 2.5% in the first quarter. First Manhattan Co. now owns 5,532 shares of the software company’s stock valued at $1,474,000 after purchasing an additional 135 shares during the period. Shine Investment Advisory Services Inc. grew its position in Adobe by 2.7% during the first quarter. Shine Investment Advisory Services Inc. now owns 2,506 shares of the software company’s stock valued at $668,000 after acquiring an additional 65 shares during the period. Allred Capital Management LLC purchased a new stake in Adobe during the first quarter valued at about $209,000. Finally, Prime Capital Investment Advisors LLC purchased a new stake in shares of Adobe in the first quarter worth about $2,159,000. 86.37% of the stock is owned by hedge funds and other institutional investors.
NASDAQ ADBE traded down $1.01 on Thursday, reaching $282.65. 55,218 shares of the stock traded hands, compared to its average volume of 2,226,893. The stock’s fifty day moving average price is $301.06. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.70 and a current ratio of 0.70. The company has a market capitalization of $140.12 billion, a P/E ratio of 50.95, a price-to-earnings-growth ratio of 2.62 and a beta of 1.08. Adobe Inc has a 12 month low of $204.95 and a 12 month high of $313.11.
Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Tuesday, June 18th. The software company reported $1.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.78 by $0.05. The firm had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.70 billion. Adobe had a return on equity of 29.96% and a net margin of 26.25%. The firm’s quarterly revenue was up 25.0% on a year-over-year basis. During the same period last year, the company posted $1.66 EPS. Research analysts predict that Adobe Inc will post 6.3 earnings per share for the current fiscal year.
ADBE has been the topic of several research reports. Wedbush upped their price objective on Adobe from $270.00 to $290.00 and gave the company a “neutral” rating in a research note on Wednesday, June 19th. Bank of America increased their price objective on Adobe from $312.00 to $323.00 and gave the stock a “buy” rating in a report on Wednesday, June 19th. Morgan Stanley raised Adobe from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $282.00 to $340.00 in a report on Monday, April 29th. Wells Fargo & Co reissued a “hold” rating and issued a $275.00 price objective (up from $250.00) on shares of Adobe in a report on Wednesday, June 19th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $295.00 price objective on shares of Adobe in a report on Wednesday, June 19th. Nine equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $301.69.
In other Adobe news, EVP Dana Rao sold 2,832 shares of the stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $303.36, for a total transaction of $859,115.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Ann Lewnes sold 3,000 shares of the stock in a transaction on Wednesday, June 19th. The shares were sold at an average price of $287.00, for a total value of $861,000.00. Following the transaction, the executive vice president now directly owns 58,458 shares of the company’s stock, valued at $16,777,446. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 26,627 shares of company stock valued at $7,829,264. 0.32% of the stock is currently owned by corporate insiders.
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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