Ithaka Group LLC Cuts Position in Adobe Inc (NASDAQ:ADBE)

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Ithaka Group LLC trimmed its holdings in shares of Adobe Inc (NASDAQ:ADBE) by 34.8% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 93,309 shares of the software company’s stock after selling 49,804 shares during the quarter. Adobe accounts for approximately 4.0% of Ithaka Group LLC’s holdings, making the stock its 9th biggest holding. Ithaka Group LLC’s holdings in Adobe were worth $24,866,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADBE. New Amsterdam Partners LLC NY grew its holdings in shares of Adobe by 2.5% during the first quarter. New Amsterdam Partners LLC NY now owns 1,458 shares of the software company’s stock valued at $389,000 after buying an additional 36 shares during the last quarter. Wedgewood Investors Inc. PA grew its holdings in shares of Adobe by 3.5% during the first quarter. Wedgewood Investors Inc. PA now owns 1,139 shares of the software company’s stock valued at $304,000 after buying an additional 39 shares during the last quarter. Associated Banc Corp grew its holdings in shares of Adobe by 1.1% during the first quarter. Associated Banc Corp now owns 3,537 shares of the software company’s stock valued at $943,000 after buying an additional 39 shares during the last quarter. Brookstone Capital Management grew its holdings in shares of Adobe by 4.6% during the fourth quarter. Brookstone Capital Management now owns 928 shares of the software company’s stock valued at $210,000 after buying an additional 41 shares during the last quarter. Finally, Eagle Global Advisors LLC grew its holdings in shares of Adobe by 1.7% during the first quarter. Eagle Global Advisors LLC now owns 2,522 shares of the software company’s stock valued at $672,000 after buying an additional 42 shares during the last quarter. 85.89% of the stock is currently owned by institutional investors and hedge funds.

A number of equities research analysts have recently weighed in on ADBE shares. Rosenblatt Securities reissued a “buy” rating and set a $280.00 price objective on shares of Adobe in a report on Friday, March 29th. BidaskClub raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Tuesday, March 26th. Barclays reissued a “buy” rating and set a $304.00 price objective on shares of Adobe in a report on Monday, March 18th. Canaccord Genuity boosted their price objective on shares of Adobe from $290.00 to $300.00 and gave the company a “buy” rating in a report on Friday, March 15th. Finally, Zacks Investment Research raised shares of Adobe from a “hold” rating to a “buy” rating and set a $300.00 price objective on the stock in a report on Tuesday, May 14th. Nine analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $290.46.

In related news, EVP Donna Morris sold 10,000 shares of the business’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $290.00, for a total transaction of $2,900,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Ann Lewnes sold 3,000 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $269.82, for a total transaction of $809,460.00. Following the transaction, the executive vice president now owns 61,458 shares of the company’s stock, valued at $16,582,597.56. The disclosure for this sale can be found here. Insiders have sold 56,936 shares of company stock valued at $15,516,808 over the last 90 days. 0.32% of the stock is currently owned by insiders.

NASDAQ ADBE opened at $276.30 on Friday. The firm has a market cap of $135.08 billion, a P/E ratio of 49.78, a price-to-earnings-growth ratio of 2.70 and a beta of 1.12. Adobe Inc has a 1 year low of $204.95 and a 1 year 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 earnings results 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 for the quarter, compared to analyst estimates of $2.55 billion. Adobe had a net margin of 28.08% and a return on equity of 30.60%. The company’s revenue for the quarter was up 24.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.55 earnings per share. On average, equities analysts predict that Adobe Inc will post 6.24 EPS for the current fiscal year.

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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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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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