Bogart Wealth LLC boosted its position in Adobe Inc (NASDAQ:ADBE) by 53.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,218 shares of the software company’s stock after purchasing an additional 774 shares during the quarter. Bogart Wealth LLC’s holdings in Adobe were worth $591,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its position in shares of Adobe by 37.3% during the 1st quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 229,868 shares of the software company’s stock valued at $61,258,000 after acquiring an additional 62,387 shares during the period. Rockland Trust Co. lifted its position in shares of Adobe by 13.1% during the 1st quarter. Rockland Trust Co. now owns 2,928 shares of the software company’s stock valued at $780,000 after acquiring an additional 340 shares during the period. XR Securities LLC lifted its position in shares of Adobe by 33.5% during the 1st quarter. XR Securities LLC now owns 4,721 shares of the software company’s stock valued at $1,258,000 after acquiring an additional 1,184 shares during the period. Legacy Advisors LLC bought a new stake in shares of Adobe during the 1st quarter valued at $39,000. Finally, Townsend & Associates Inc lifted its position in shares of Adobe by 1.0% during the 1st quarter. Townsend & Associates Inc now owns 4,767 shares of the software company’s stock valued at $1,270,000 after acquiring an additional 49 shares during the period. Institutional investors and hedge funds own 86.68% of the company’s stock.
In other Adobe news, EVP Matthew Thompson sold 41,000 shares of the stock in a transaction that occurred on Friday, January 25th. The stock was sold at an average price of $245.28, for a total value of $10,056,480.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Shantanu Narayen sold 139,834 shares of the stock in a transaction that occurred on Friday, January 25th. The stock was sold at an average price of $245.40, for a total value of $34,315,263.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 284,330 shares of company stock worth $70,317,980. Corporate insiders own 0.32% of the company’s stock.
Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, March 14th. The software company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.62 by ($0.25). The firm had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.55 billion. Adobe had a return on equity of 30.60% and a net margin of 28.08%. The firm’s revenue was up 24.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.55 EPS. Equities analysts expect that Adobe Inc will post 6.24 earnings per share for the current year.
Several analysts recently weighed in on the company. Rosenblatt Securities restated a “buy” rating and set a $280.00 price objective on shares of Adobe in a research report on Friday, March 29th. BidaskClub upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Tuesday, March 26th. Barclays restated a “buy” rating and set a $304.00 price objective on shares of Adobe in a research report on Monday, March 18th. Canaccord Genuity upped their target price on Adobe from $290.00 to $300.00 and gave the stock a “buy” rating in a report on Friday, March 15th. Finally, Robert W. Baird upped their target price on Adobe from $290.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, March 15th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and nineteen have assigned a buy rating to the company’s stock. Adobe has an average rating of “Buy” and an average target price of $285.56.
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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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