Dakota Wealth Management decreased its holdings in shares of Adobe Inc (NASDAQ:ADBE) by 41.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,825 shares of the software company’s stock after selling 3,385 shares during the quarter. Dakota Wealth Management’s holdings in Adobe were worth $431,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of ADBE. Brookstone Capital Management boosted its stake in Adobe by 4.6% in the fourth quarter. Brookstone Capital Management now owns 928 shares of the software company’s stock worth $210,000 after buying an additional 41 shares in the last quarter. JOYN Advisors Inc. boosted its stake in Adobe by 7.4% in the fourth quarter. JOYN Advisors Inc. now owns 622 shares of the software company’s stock worth $141,000 after buying an additional 43 shares in the last quarter. Ipswich Investment Management Co. Inc. lifted its position in Adobe by 2.8% in the first quarter. Ipswich Investment Management Co. Inc. now owns 1,640 shares of the software company’s stock valued at $437,000 after purchasing an additional 45 shares during the last quarter. Townsend & Associates Inc lifted its position in Adobe by 1.0% in the first quarter. Townsend & Associates Inc now owns 4,767 shares of the software company’s stock valued at $1,270,000 after purchasing an additional 49 shares during the last quarter. Finally, Founders Capital Management lifted its position in Adobe by 0.3% in the fourth quarter. Founders Capital Management now owns 17,500 shares of the software company’s stock valued at $3,959,000 after purchasing an additional 50 shares during the last quarter. 86.69% of the stock is owned by institutional investors.
Adobe stock opened at $270.57 on Friday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.97 and a current ratio of 0.97. Adobe Inc has a one year low of $204.95 and a one year high of $277.61. The firm has a market cap of $132.02 billion, a P/E ratio of 48.75, a price-to-earnings-growth ratio of 2.66 and a beta of 1.10.
In other Adobe news, CMO Ann Lewnes sold 3,000 shares of the stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $272.18, for a total value of $816,540.00. Following the transaction, the chief marketing officer now owns 64,458 shares of the company’s stock, valued at $17,544,178.44. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Matthew Thompson sold 41,560 shares of the stock in a transaction dated Monday, January 28th. The shares were sold at an average price of $245.23, for a total value of $10,191,758.80. Following the completion of the transaction, the executive vice president now directly owns 63,087 shares in the company, valued at approximately $15,470,825.01. The disclosure for this sale can be found here. In the last three months, insiders sold 287,330 shares of company stock worth $71,134,520. 0.32% of the stock is owned by corporate insiders.
ADBE has been the subject of several recent research reports. DZ Bank upgraded Adobe from a “hold” rating to a “buy” rating and set a $260.00 price objective for the company in a research report on Thursday, December 27th. Stephens initiated coverage on Adobe in a research report on Wednesday, January 16th. They issued an “equal weight” rating and a $278.00 price objective for the company. BidaskClub downgraded Adobe from a “buy” rating to a “hold” rating in a research report on Wednesday, February 20th. Rosenblatt Securities reiterated a “buy” rating and issued a $280.00 price objective on shares of Adobe in a research report on Friday, March 29th. Finally, Canaccord Genuity boosted their price objective on Adobe from $290.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, March 15th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and nineteen have given a buy rating to the stock. Adobe currently has an average rating of “Buy” and a consensus price target of $285.56.
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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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