Eastern Bank decreased its holdings in Adobe Inc (NASDAQ:ADBE) by 12.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 70,066 shares of the software company’s stock after selling 10,042 shares during the period. Adobe makes up about 1.3% of Eastern Bank’s portfolio, making the stock its 23rd biggest position. Eastern Bank’s holdings in Adobe were worth $18,672,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Brookstone Capital Management grew its position in Adobe by 4.6% during the 4th quarter. Brookstone Capital Management now owns 928 shares of the software company’s stock worth $210,000 after acquiring an additional 41 shares during the last quarter. JOYN Advisors Inc. grew its position in Adobe by 7.4% during the 4th quarter. JOYN Advisors Inc. now owns 622 shares of the software company’s stock worth $141,000 after acquiring an additional 43 shares during the last quarter. Ipswich Investment Management Co. Inc. grew its position in Adobe by 2.8% during the 1st quarter. Ipswich Investment Management Co. Inc. now owns 1,640 shares of the software company’s stock worth $437,000 after acquiring an additional 45 shares during the last quarter. Townsend & Associates Inc grew its position in Adobe by 1.0% during the 1st quarter. Townsend & Associates Inc now owns 4,767 shares of the software company’s stock worth $1,270,000 after acquiring an additional 49 shares during the last quarter. Finally, Founders Capital Management grew its position in Adobe by 0.3% during the 4th quarter. Founders Capital Management now owns 17,500 shares of the software company’s stock worth $3,959,000 after acquiring an additional 50 shares during the last quarter. Institutional investors own 86.69% of the company’s stock.
A number of equities research analysts recently weighed in on ADBE shares. Pivotal Research upgraded Adobe from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $252.00 to $262.00 in a research report on Monday, January 7th. DZ Bank upgraded Adobe from a “hold” rating to a “buy” rating and set a $260.00 price objective on the stock in a research report on Thursday, December 27th. ValuEngine upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Tuesday, January 15th. BidaskClub upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Friday, January 11th. Finally, Canaccord Genuity boosted their price objective on Adobe from $290.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and nineteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $285.56.
Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $1.37 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.62 by ($0.25). The company had revenue of $2.58 billion for the quarter, compared to analyst estimates of $2.55 billion. Adobe had a return on equity of 30.60% and a net margin of 28.08%. The firm’s quarterly revenue was up 24.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.55 earnings per share. On average, equities research analysts forecast that Adobe Inc will post 6.24 EPS for the current year.
In other news, EVP Matthew Thompson sold 41,000 shares of the business’s stock in a transaction dated 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 filing with the SEC, which can be accessed through this link. Also, Chairman Shantanu Narayen sold 139,834 shares of the business’s stock in a transaction dated Friday, January 25th. The shares were 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. Insiders sold a total of 287,330 shares of company stock worth $71,134,520 over the last three months. 0.32% of the stock is owned by company insiders.
COPYRIGHT VIOLATION WARNING: This news story was originally reported by Baseball Daily News and is the sole property of of Baseball Daily News. If you are accessing this news story on another publication, it was illegally copied and reposted in violation of US and international trademark and copyright law. The legal version of this news story can be accessed at https://www.baseballdailydigest.com/news/2019/04/21/eastern-bank-sells-10042-shares-of-adobe-inc-adbe.html.
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.
Further Reading: Intrinsic Value and Stock Selection
Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc (NASDAQ:ADBE).
Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.