DekaBank Deutsche Girozentrale lifted its stake in Adobe Inc (NASDAQ:ADBE) by 41.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 298,419 shares of the software company’s stock after acquiring an additional 87,320 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Adobe were worth $87,976,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently modified their holdings of the company. BlackRock Inc. raised its holdings in shares of Adobe by 0.7% in the 1st quarter. BlackRock Inc. now owns 32,843,461 shares of the software company’s stock worth $8,752,453,000 after purchasing an additional 213,902 shares in the last quarter. Janus Henderson Group PLC raised its holdings in shares of Adobe by 0.8% in the 2nd quarter. Janus Henderson Group PLC now owns 8,017,961 shares of the software company’s stock worth $2,362,476,000 after purchasing an additional 60,035 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Adobe by 1.2% in the 1st quarter. Northern Trust Corp now owns 6,156,195 shares of the software company’s stock worth $1,640,565,000 after purchasing an additional 72,473 shares in the last quarter. Clearbridge Investments LLC raised its holdings in shares of Adobe by 3.9% in the 1st quarter. Clearbridge Investments LLC now owns 3,833,064 shares of the software company’s stock worth $1,021,473,000 after purchasing an additional 143,157 shares in the last quarter. Finally, Fisher Asset Management LLC raised its holdings in shares of Adobe by 8.4% in the 2nd quarter. Fisher Asset Management LLC now owns 3,106,820 shares of the software company’s stock worth $915,425,000 after purchasing an additional 240,339 shares in the last quarter. 86.37% of the stock is owned by institutional investors.
A number of analysts recently commented on ADBE shares. Zacks Investment Research downgraded shares of Adobe from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th. Bank of America boosted their target price on shares of Adobe from $312.00 to $323.00 and gave the stock a “buy” rating in a report on Wednesday, June 19th. Stephens upgraded shares of Adobe from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $288.00 to $327.00 in a report on Wednesday, June 19th. KeyCorp reiterated a “hold” rating on shares of Adobe in a report on Wednesday, June 19th. Finally, Morgan Stanley upgraded 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 report on Monday, April 29th. Nine analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $301.69.
Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Tuesday, June 18th. The software company reported $1.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $2.70 billion. During the same quarter in the prior year, the company posted $1.66 EPS. The business’s revenue was up 25.0% on a year-over-year basis. On average, research analysts forecast that Adobe Inc will post 6.3 EPS for the current year.
In related news, EVP Dana Rao sold 2,832 shares of the stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $303.36, for a total transaction of $859,115.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John E. Warnock sold 4,000 shares of the stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $296.94, for a total transaction of $1,187,760.00. Following the sale, the director now owns 16,088 shares of the company’s stock, valued at approximately $4,777,170.72. The disclosure for this sale can be found here. In the last 90 days, insiders sold 26,627 shares of company stock valued at $7,829,264. Corporate insiders own 0.32% of the company’s stock.
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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