Adobe Inc (ADBE) Position Raised by Progressive Investment Management Corp

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Progressive Investment Management Corp increased its stake in shares of Adobe Inc (NASDAQ:ADBE) by 1.1% in the 1st quarter, HoldingsChannel.com reports. The firm owned 27,696 shares of the software company’s stock after purchasing an additional 298 shares during the period. Adobe makes up 4.3% of Progressive Investment Management Corp’s portfolio, making the stock its 5th largest holding. Progressive Investment Management Corp’s holdings in Adobe were worth $7,381,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Buffington Mohr McNeal purchased a new position in shares of Adobe in the first quarter valued at $26,000. Liberty Wealth Management LLC purchased a new position in shares of Adobe in the fourth quarter valued at $30,000. Barnett & Company Inc. purchased a new position in shares of Adobe in the fourth quarter valued at $32,000. Ruggie Capital Group purchased a new position in shares of Adobe in the fourth quarter valued at $33,000. Finally, Nalls Sherbakoff Group LLC purchased a new position in shares of Adobe in the fourth quarter valued at $34,000. Hedge funds and other institutional investors own 85.58% of the company’s stock.

Adobe stock opened at $274.77 on Friday. The stock has a market cap of $134.07 billion, a P/E ratio of 49.51, a P/E/G ratio of 2.72 and a beta of 1.11. Adobe Inc has a 52 week low of $204.95 and a 52 week high of $291.70. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.97 and a quick ratio of 0.97.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, March 14th. The software company reported $1.37 EPS for the quarter, missing analysts’ consensus estimates of $1.62 by ($0.25). The company had revenue of $2.58 billion for the quarter, compared to analysts’ expectations of $2.55 billion. Adobe had a return on equity of 30.60% and a net margin of 28.08%. The company’s revenue for the quarter was up 24.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.55 EPS. As a group, sell-side analysts forecast that Adobe Inc will post 6.24 earnings per share for the current year.

In other Adobe news, CMO Ann Lewnes sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $272.18, for a total value of $816,540.00. Following the sale, the chief marketing officer now directly owns 64,458 shares of the company’s stock, valued at approximately $17,544,178.44. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Donna Morris sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $275.00, for a total value of $4,125,000.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 56,936 shares of company stock valued at $15,516,808. 0.32% of the stock is currently owned by company insiders.

A number of research analysts have recently weighed in on the company. BidaskClub upgraded Adobe from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, April 30th. Morgan Stanley upgraded Adobe from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $282.00 to $340.00 in a research report on Monday, April 29th. Zacks Investment Research upgraded Adobe from a “hold” rating to a “buy” rating and set a $300.00 price target for the company in a research report on Tuesday, May 14th. Robert W. Baird raised their price target on Adobe from $290.00 to $300.00 and gave the company an “outperform” rating in a research report on Friday, March 15th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $280.00 price target on shares of Adobe in a research report on Friday, March 29th. Nine investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $289.63.

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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.

Read More: What is Compound Annual Growth Rate (CAGR)?

Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc (NASDAQ:ADBE).

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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