Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Flagship Harbor Advisors LLC

Flagship Harbor Advisors LLC raised its position in Adobe Inc. (NASDAQ:ADBEGet Rating) by 17.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,778 shares of the software company’s stock after acquiring an additional 1,137 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Adobe were worth $3,544,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. TIAA FSB raised its stake in shares of Adobe by 45.5% during the first quarter. TIAA FSB now owns 126,372 shares of the software company’s stock valued at $57,462,000 after purchasing an additional 39,546 shares in the last quarter. Enterprise Bank & Trust Co raised its stake in shares of Adobe by 567.8% during the first quarter. Enterprise Bank & Trust Co now owns 3,693 shares of the software company’s stock valued at $1,683,000 after purchasing an additional 3,140 shares in the last quarter. Abacus Planning Group Inc. raised its stake in shares of Adobe by 33.8% during the first quarter. Abacus Planning Group Inc. now owns 903 shares of the software company’s stock valued at $411,000 after purchasing an additional 228 shares in the last quarter. Carret Asset Management LLC grew its holdings in Adobe by 2.1% during the first quarter. Carret Asset Management LLC now owns 3,959 shares of the software company’s stock worth $1,804,000 after acquiring an additional 80 shares during the period. Finally, Blue Fin Capital Inc. grew its holdings in Adobe by 2.1% during the first quarter. Blue Fin Capital Inc. now owns 10,060 shares of the software company’s stock worth $4,583,000 after acquiring an additional 209 shares during the period. 82.54% of the stock is owned by institutional investors and hedge funds.

In related news, Director John E. Warnock sold 5,000 shares of the company’s stock in a transaction dated Tuesday, April 26th. The stock was sold at an average price of $404.30, for a total transaction of $2,021,500.00. Following the sale, the director now owns 405,165 shares in the company, valued at approximately $163,808,209.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 2,710 shares of the company’s stock in a transaction that occurred on Monday, April 25th. The stock was sold at an average price of $410.18, for a total value of $1,111,587.80. Following the transaction, the executive vice president now directly owns 27,917 shares in the company, valued at $11,450,995.06. The disclosure for this sale can be found here. Insiders have sold a total of 11,075 shares of company stock valued at $4,596,246 in the last three months. 0.23% of the stock is owned by insiders.

A number of research analysts recently issued reports on ADBE shares. The Goldman Sachs Group lowered their target price on Adobe from $710.00 to $605.00 and set a “buy” rating on the stock in a report on Thursday, March 24th. Mizuho cut their price objective on Adobe from $530.00 to $480.00 and set a “buy” rating on the stock in a report on Friday, June 17th. BMO Capital Markets assumed coverage on Adobe in a report on Friday, June 17th. They set a “buy” rating and a $420.00 price objective on the stock. Robert W. Baird cut their price objective on Adobe from $550.00 to $450.00 and set an “outperform” rating on the stock in a report on Friday, June 17th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on Adobe from $575.00 to $500.00 in a report on Friday, June 17th. Seven analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $489.31.

ADBE stock opened at $365.33 on Thursday. The company has a quick ratio of 1.04, a current ratio of 1.07 and a debt-to-equity ratio of 0.26. The business has a 50 day moving average price of $403.52 and a two-hundred day moving average price of $467.67. The company has a market cap of $172.62 billion, a price-to-earnings ratio of 35.68, a P/E/G ratio of 1.98 and a beta of 1.08. Adobe Inc. has a twelve month low of $338.00 and a twelve month high of $699.54.

Adobe (NASDAQ:ADBEGet Rating) last issued its earnings results on Thursday, June 16th. The software company reported $3.35 EPS for the quarter, topping the consensus estimate of $3.31 by $0.04. Adobe had a return on equity of 36.70% and a net margin of 29.29%. During the same quarter in the prior year, the company posted $2.56 earnings per share. On average, equities research analysts anticipate that Adobe Inc. will post 10.98 EPS for the current fiscal year.

About Adobe (Get Rating)

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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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