Jacobi Capital Management LLC Purchases 711 Shares of Adobe Inc. (NASDAQ:ADBE)

Jacobi Capital Management LLC grew its position in shares of Adobe Inc. (NASDAQ:ADBEGet Rating) by 80.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,600 shares of the software company’s stock after buying an additional 711 shares during the quarter. Jacobi Capital Management LLC’s holdings in Adobe were worth $729,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Adobe during the 4th quarter worth approximately $2,378,829,000. Castleview Partners LLC purchased a new position in Adobe in the 4th quarter valued at approximately $3,260,000. BlackRock Inc. grew its stake in Adobe by 3.3% in the 4th quarter. BlackRock Inc. now owns 37,526,571 shares of the software company’s stock valued at $21,279,818,000 after buying an additional 1,212,093 shares in the last quarter. C WorldWide Group Holding A S purchased a new position in Adobe in the 4th quarter valued at approximately $445,585,000. Finally, State Street Corp grew its stake in Adobe by 3.4% in the 4th quarter. State Street Corp now owns 19,551,566 shares of the software company’s stock valued at $11,086,911,000 after buying an additional 643,656 shares in the last quarter. Institutional investors own 82.54% of the company’s stock.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 2,711 shares of the business’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $393.58, for a total value of $1,066,995.38. Following the transaction, the executive vice president now owns 26,089 shares in the company, valued at $10,268,108.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 132 shares of the business’s stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $409.75, for a total value of $54,087.00. Following the transaction, the chief accounting officer now owns 2,465 shares in the company, valued at $1,010,033.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 2,711 shares of the business’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $393.58, for a total transaction of $1,066,995.38. Following the transaction, the executive vice president now owns 26,089 shares in the company, valued at approximately $10,268,108.62. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,637 shares of company stock worth $1,438,682. 0.23% of the stock is currently owned by company insiders.

Adobe Stock Performance

Adobe stock opened at $433.43 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $202.85 billion, a PE ratio of 42.33, a P/E/G ratio of 2.37 and a beta of 1.12. The firm has a fifty day simple moving average of $392.99 and a two-hundred day simple moving average of $427.73. Adobe Inc. has a twelve month low of $338.00 and a twelve month high of $699.54.

Adobe (NASDAQ:ADBEGet Rating) last posted its quarterly earnings results on Thursday, June 16th. The software company reported $2.70 earnings per share for the quarter, topping the consensus estimate of $2.65 by $0.05. The business had revenue of $4.39 billion during the quarter, compared to the consensus estimate of $4.34 billion. Adobe had a net margin of 29.29% and a return on equity of 36.70%. During the same period in the previous year, the firm posted $2.56 earnings per share. Research analysts expect that Adobe Inc. will post 10.99 EPS for the current year.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of recent research reports. Credit Suisse Group reduced their price objective on shares of Adobe from $525.00 to $425.00 and set a “neutral” rating for the company in a research note on Friday, June 17th. Robert W. Baird reduced their price objective on shares of Adobe from $550.00 to $450.00 and set an “outperform” rating for the company in a research note on Friday, June 17th. Bank of America cut their price target on shares of Adobe from $560.00 to $450.00 and set a “buy” rating for the company in a report on Friday, June 17th. Citigroup cut their price target on shares of Adobe from $455.00 to $425.00 and set a “neutral” rating for the company in a report on Tuesday, June 14th. Finally, Mizuho cut their price target on shares of Adobe from $530.00 to $480.00 and set a “buy” rating for the company in a report on Friday, June 17th. Six analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $489.31.

Adobe Profile

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Adobe Inc operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.

See Also

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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