Lourd Capital LLC trimmed its holdings in shares of Adobe Inc (NASDAQ:ADBE) by 29.1% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,020 shares of the software company’s stock after selling 419 shares during the period. Lourd Capital LLC’s holdings in Adobe were worth $272,000 as of its most recent filing with the SEC.
Several other institutional investors have also bought and sold shares of the business. Brookstone Capital Management raised its position in shares of Adobe by 4.6% during the fourth quarter. Brookstone Capital Management now owns 928 shares of the software company’s stock worth $210,000 after purchasing an additional 41 shares during the period. JOYN Advisors Inc. raised its position in shares of Adobe by 7.4% during the fourth quarter. JOYN Advisors Inc. now owns 622 shares of the software company’s stock worth $141,000 after purchasing an additional 43 shares during the period. Ipswich Investment Management Co. Inc. raised its position in shares of Adobe by 2.8% during the first quarter. Ipswich Investment Management Co. Inc. now owns 1,640 shares of the software company’s stock worth $437,000 after purchasing an additional 45 shares during the period. Townsend & Associates Inc raised its position in shares of Adobe by 1.0% during the first quarter. Townsend & Associates Inc now owns 4,767 shares of the software company’s stock worth $1,270,000 after purchasing an additional 49 shares during the period. Finally, Founders Capital Management raised its position in shares of Adobe by 0.3% during the fourth quarter. Founders Capital Management now owns 17,500 shares of the software company’s stock worth $3,959,000 after purchasing an additional 50 shares during the period. Hedge funds and other institutional investors own 86.69% of the company’s stock.
ADBE has been the topic of a number of research reports. DZ Bank raised Adobe from a “hold” rating to a “buy” rating and set a $260.00 target price on the stock in a research report on Thursday, December 27th. Stephens initiated coverage on Adobe in a research report on Wednesday, January 16th. They issued an “equal weight” rating and a $278.00 price target for the company. BidaskClub lowered Adobe from a “buy” rating to a “hold” rating in a research report on Wednesday, February 20th. Rosenblatt Securities reissued a “buy” rating and issued a $280.00 price target on shares of Adobe in a research report on Friday, March 29th. Finally, Canaccord Genuity increased their price target on Adobe from $290.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, March 15th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nineteen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $285.56.
Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $1.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.25). The business had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.55 billion. Adobe had a net margin of 28.08% and a return on equity of 30.60%. The firm’s revenue for the quarter was up 24.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.55 EPS. On average, equities analysts forecast that Adobe Inc will post 6.24 EPS for the current fiscal year.
In other Adobe news, Director John E. Warnock sold 1,177 shares of the company’s stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $269.47, for a total value of $317,166.19. Following the completion of the transaction, the director now owns 16,088 shares in the company, valued at approximately $4,335,233.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Shantanu Narayen sold 139,834 shares of the company’s stock in a transaction on Friday, January 25th. The shares were sold at an average price of $245.40, for a total value of $34,315,263.60. The disclosure for this sale can be found here. Insiders sold a total of 284,330 shares of company stock valued at $70,317,980 in the last 90 days. Corporate insiders own 0.32% of the company’s stock.
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Adobe Company Profile
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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