Fosun International Ltd cut its position in shares of Adobe Inc (NASDAQ:ADBE) by 21.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 980 shares of the software company’s stock after selling 270 shares during the period. Fosun International Ltd’s holdings in Adobe were worth $312,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of the business. Stephenson National Bank & Trust acquired a new position in shares of Adobe in the 4th quarter valued at $25,000. Lion Street Advisors LLC purchased a new stake in Adobe in the 1st quarter valued at about $25,000. Sowa Financial Group Inc. purchased a new stake in Adobe in the 4th quarter valued at about $26,000. Solstein Capital LLC acquired a new position in Adobe in the fourth quarter valued at about $27,000. Finally, Laurel Wealth Advisors LLC boosted its stake in Adobe by 50.0% during the first quarter. Laurel Wealth Advisors LLC now owns 96 shares of the software company’s stock worth $31,000 after buying an additional 32 shares during the period. Institutional investors own 85.98% of the company’s stock.
A number of research firms have recently issued reports on ADBE. DZ Bank downgraded shares of Adobe from a “buy” rating to a “hold” rating and set a $370.00 price target on the stock. in a research note on Thursday, May 14th. Canaccord Genuity restated a “buy” rating and set a $350.00 price target on shares of Adobe in a research note on Wednesday, April 1st. Wedbush reaffirmed a “hold” rating and issued a $315.00 price objective on shares of Adobe in a research note on Friday, March 13th. Stifel Nicolaus decreased their target price on Adobe from $350.00 to $325.00 and set a “buy” rating on the stock in a research note on Friday, March 13th. Finally, Citigroup lowered their target price on Adobe from $329.00 to $293.00 and set a “neutral” rating for the company in a report on Friday, March 13th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. Adobe currently has an average rating of “Buy” and an average price target of $342.54.
Shares of ADBE stock traded up $3.09 on Friday, reaching $385.26. 1,627,227 shares of the stock were exchanged, compared to its average volume of 2,763,171. The company has a market capitalization of $184.13 billion, a price-to-earnings ratio of 58.37, a PEG ratio of 2.98 and a beta of 0.90. The business’s 50 day moving average price is $342.06 and its 200 day moving average price is $332.10. The company has a current ratio of 1.23, a quick ratio of 1.23 and a debt-to-equity ratio of 0.39. Adobe Inc has a twelve month low of $255.13 and a twelve month high of $386.74.
Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, March 12th. The software company reported $2.27 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.23 by $0.04. The company had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.05 billion. Adobe had a return on equity of 33.54% and a net margin of 27.72%. Adobe’s revenue for the quarter was up 18.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.71 EPS. Equities research analysts forecast that Adobe Inc will post 8 earnings per share for the current year.
In related news, EVP Scott Belsky sold 600 shares of Adobe stock in a transaction on Monday, March 16th. The shares were sold at an average price of $301.40, for a total transaction of $180,840.00. Following the sale, the executive vice president now directly owns 13,655 shares in the company, valued at approximately $4,115,617. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Ann Lewnes sold 5,000 shares of the business’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $348.26, for a total transaction of $1,741,300.00. Following the completion of the sale, the chief marketing officer now directly owns 54,874 shares of the company’s stock, valued at $19,110,419.24. The disclosure for this sale can be found here. Insiders sold 12,298 shares of company stock valued at $4,025,976 over the last ninety days. 0.31% 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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