Capital Investment Counsel Inc lessened its stake in shares of Adobe Inc (NASDAQ:ADBE) by 0.7% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 20,938 shares of the software company’s stock after selling 150 shares during the quarter. Adobe comprises about 2.2% of Capital Investment Counsel Inc’s portfolio, making the stock its 9th largest holding. Capital Investment Counsel Inc’s holdings in Adobe were worth $6,169,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Buffington Mohr McNeal acquired a new stake in Adobe in the 1st quarter worth about $26,000. Marquette Asset Management LLC raised its stake in Adobe by 114.3% in the 2nd quarter. Marquette Asset Management LLC now owns 90 shares of the software company’s stock worth $27,000 after purchasing an additional 48 shares in the last quarter. JNBA Financial Advisors raised its stake in Adobe by 666.7% in the 2nd quarter. JNBA Financial Advisors now owns 92 shares of the software company’s stock worth $27,000 after purchasing an additional 80 shares in the last quarter. Manchester Financial Inc. acquired a new stake in Adobe in the 2nd quarter worth about $28,000. Finally, Ellis Investment Partners LLC acquired a new stake in Adobe in the 2nd quarter worth about $30,000. Institutional investors own 86.32% of the company’s stock.
In related news, EVP Ann Lewnes sold 3,000 shares of Adobe stock in a transaction that occurred on Wednesday, June 19th. The shares were sold at an average price of $287.00, for a total transaction of $861,000.00. Following the sale, the executive vice president now directly owns 58,458 shares of the company’s stock, valued at approximately $16,777,446. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Charles M. Geschke sold 13,795 shares of Adobe stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $289.96, for a total transaction of $3,999,998.20. The disclosure for this sale can be found here. Insiders have sold a total of 29,627 shares of company stock worth $8,638,724 over the last ninety days. 0.32% of the stock is currently owned by insiders.
Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Tuesday, June 18th. The software company reported $1.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.78 by $0.05. The company had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.70 billion. Adobe had a net margin of 26.25% and a return on equity of 29.96%. The firm’s revenue was up 25.0% on a year-over-year basis. During the same period in the previous year, the firm posted $1.66 EPS. As a group, equities research analysts predict that Adobe Inc will post 6.3 EPS for the current year.
Several equities analysts have commented on the stock. Bank of America raised their target price on shares of Adobe from $312.00 to $323.00 and gave the company a “buy” rating in a report on Wednesday, June 19th. Zacks Investment Research lowered shares of Adobe from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th. JPMorgan Chase & Co. raised their target price on shares of Adobe from $284.00 to $329.00 and gave the company a “neutral” rating in a report on Wednesday, June 19th. Wedbush raised their target price on shares of Adobe from $270.00 to $290.00 and gave the company a “neutral” rating in a report on Wednesday, June 19th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $295.00 target price on shares of Adobe in a report on Wednesday, June 19th. Ten analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $300.70.
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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