Hartford Investment Management Co. raised its position in shares of Adobe Inc (NASDAQ:ADBE) by 0.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 90,266 shares of the software company’s stock after purchasing an additional 626 shares during the period. Hartford Investment Management Co.’s holdings in Adobe were worth $26,597,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Baltimore Washington Financial Advisors Inc. raised its position in Adobe by 6.5% during the second quarter. Baltimore Washington Financial Advisors Inc. now owns 21,935 shares of the software company’s stock valued at $6,463,000 after purchasing an additional 1,345 shares in the last quarter. Squar Milner Financial Services LLC grew its stake in shares of Adobe by 13.0% during the second quarter. Squar Milner Financial Services LLC now owns 1,181 shares of the software company’s stock worth $348,000 after buying an additional 136 shares during the last quarter. Nelson Roberts Investment Advisors LLC grew its stake in shares of Adobe by 29.4% during the second quarter. Nelson Roberts Investment Advisors LLC now owns 343 shares of the software company’s stock worth $101,000 after buying an additional 78 shares during the last quarter. Greenleaf Trust grew its stake in shares of Adobe by 4.3% during the second quarter. Greenleaf Trust now owns 4,966 shares of the software company’s stock worth $1,463,000 after buying an additional 206 shares during the last quarter. Finally, Westside Investment Management Inc. bought a new stake in shares of Adobe during the second quarter worth $598,000. Institutional investors and hedge funds own 86.32% of the company’s stock.
ADBE has been the topic of a number of research reports. Canaccord Genuity boosted their target price on shares of Adobe from $300.00 to $320.00 and gave the stock a “buy” rating in a research note on Wednesday, June 19th. JPMorgan Chase & Co. boosted their target price on shares of Adobe from $284.00 to $329.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 19th. Zacks Investment Research cut shares of Adobe from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. Morgan Stanley raised shares of Adobe from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $282.00 to $340.00 in a research note on Monday, April 29th. Finally, BidaskClub cut shares of Adobe from a “buy” rating to a “hold” rating in a research note on Thursday. Ten research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $300.70.
Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Tuesday, June 18th. The software company reported $1.83 earnings per share for the quarter, topping the consensus estimate of $1.78 by $0.05. Adobe had a net margin of 26.25% and a return on equity of 29.96%. The company had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.70 billion. During the same quarter in the previous year, the firm posted $1.66 earnings per share. Adobe’s revenue for the quarter was up 25.0% on a year-over-year basis. As a group, equities research analysts anticipate that Adobe Inc will post 6.3 EPS for the current year.
In related news, EVP Ann Lewnes sold 3,000 shares of the business’s stock in a transaction on Wednesday, June 19th. The shares were sold at an average price of $287.00, for a total value of $861,000.00. Following the transaction, the executive vice president now owns 58,458 shares in the company, valued at $16,777,446. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Dana Rao sold 2,832 shares of the business’s stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $303.36, for a total transaction of $859,115.52. The disclosure for this sale can be found here. In the last three months, insiders sold 29,627 shares of company stock worth $8,638,724. 0.32% of the stock is currently owned by insiders.
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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