Curi Capital acquired a new stake in Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 97 shares of the software company’s stock, valued at approximately $48,000.
Several other large investors have also added to or reduced their stakes in the company. Gabelli Funds LLC boosted its stake in Adobe by 0.8% in the 4th quarter. Gabelli Funds LLC now owns 87,050 shares of the software company’s stock valued at $43,535,000 after buying an additional 650 shares in the last quarter. Barrett Asset Management LLC increased its position in shares of Adobe by 6.5% during the 4th quarter. Barrett Asset Management LLC now owns 35,104 shares of the software company’s stock worth $17,556,000 after purchasing an additional 2,149 shares in the last quarter. Sander Capital Advisors Inc. increased its position in shares of Adobe by 0.5% during the 4th quarter. Sander Capital Advisors Inc. now owns 88,624 shares of the software company’s stock worth $44,323,000 after purchasing an additional 477 shares in the last quarter. Tompkins Financial Corp lifted its holdings in Adobe by 7.4% during the 4th quarter. Tompkins Financial Corp now owns 10,199 shares of the software company’s stock valued at $5,100,000 after purchasing an additional 705 shares during the last quarter. Finally, Boston Common Asset Management LLC boosted its position in Adobe by 7.8% in the fourth quarter. Boston Common Asset Management LLC now owns 24,900 shares of the software company’s stock valued at $12,453,000 after buying an additional 1,794 shares in the last quarter. 82.43% of the stock is owned by institutional investors.
Several research analysts have recently commented on ADBE shares. The Goldman Sachs Group reissued a “neutral” rating and issued a $523.00 target price on shares of Adobe in a report on Wednesday, March 3rd. BMO Capital Markets reduced their price objective on Adobe from $570.00 to $535.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 30th. Barclays restated a “buy” rating and issued a $605.00 target price on shares of Adobe in a research note on Sunday, December 13th. Bank of America initiated coverage on shares of Adobe in a research report on Thursday. They set a “buy” rating on the stock. Finally, Royal Bank of Canada raised their price objective on shares of Adobe from $570.00 to $575.00 and gave the company an “outperform” rating in a research report on Friday, December 11th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nineteen have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $547.58.
Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Monday, March 22nd. The software company reported $3.14 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.79 by $0.35. The firm had revenue of $3.91 billion during the quarter, compared to analysts’ expectations of $3.76 billion. Adobe had a net margin of 40.88% and a return on equity of 35.81%. The business’s revenue for the quarter was up 26.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.27 earnings per share. As a group, research analysts anticipate that Adobe Inc. will post 9.47 earnings per share for the current year.
Adobe announced that its board has approved a stock repurchase plan on Thursday, December 10th that authorizes the company to repurchase $15.00 billion in outstanding shares. This repurchase authorization authorizes the software company to purchase up to 6.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
In related news, CEO Shantanu Narayen sold 80,907 shares of the business’s stock in a transaction that occurred on Monday, January 25th. The stock was sold at an average price of $471.85, for a total value of $38,175,967.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Abhay Parasnis sold 4,000 shares of the stock in a transaction that occurred on Wednesday, February 10th. The stock was sold at an average price of $499.17, for a total value of $1,996,680.00. Following the sale, the executive vice president now directly owns 43,746 shares of the company’s stock, valued at $21,836,690.82. The disclosure for this sale can be found here. In the last 90 days, insiders sold 112,558 shares of company stock valued at $52,990,341. 0.31% of the stock is owned by corporate insiders.
Adobe Company Profile
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, 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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