Martingale Asset Management L P Purchases 26,669 Shares of Adobe Inc (ADBE)
Martingale Asset Management L P raised its position in shares of Adobe Inc (NASDAQ:ADBE) by 11.9% during the third quarter, Holdings Channel reports. The fund owned 250,075 shares of the software company’s stock after buying an additional 26,669 shares during the quarter. Adobe accounts for about 0.8% of Martingale Asset Management L P’s holdings, making the stock its 10th biggest position. Martingale Asset Management L P’s holdings in Adobe were worth $67,508,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Signature Estate & Investment Advisors LLC bought a new stake in Adobe during the second quarter valued at $107,000. Psagot Investment House Ltd. bought a new stake in Adobe during the third quarter valued at $130,000. JNBA Financial Advisors boosted its position in Adobe by 4,366.7% during the third quarter. JNBA Financial Advisors now owns 536 shares of the software company’s stock valued at $145,000 after acquiring an additional 524 shares during the last quarter. Centaurus Financial Inc. bought a new position in shares of Adobe during the 2nd quarter worth about $170,000. Finally, Sunesis Advisors LLC bought a new position in shares of Adobe during the 3rd quarter worth about $204,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.
ADBE opened at $219.69 on Tuesday. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.21. Adobe Inc has a fifty-two week low of $165.68 and a fifty-two week high of $277.61. The stock has a market capitalization of $116.61 billion, a P/E ratio of 61.19, a price-to-earnings-growth ratio of 2.57 and a beta of 1.15.
A number of equities analysts have recently issued reports on the stock. Barclays increased their price objective on shares of Adobe to $297.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 12th. KeyCorp reissued a “buy” rating and set a $286.00 price objective (up previously from $276.00) on shares of Adobe in a research report on Friday, September 14th. Credit Suisse Group increased their price objective on shares of Adobe from $275.00 to $300.00 and gave the stock an “outperform” rating in a research report on Friday, September 14th. Guggenheim assumed coverage on shares of Adobe in a research report on Tuesday, August 7th. They set a “neutral” rating and a $275.00 price objective on the stock. Finally, BidaskClub raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Saturday, August 25th. Eleven investment analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $272.55.
In related news, EVP Ann Lewnes sold 2,941 shares of the company’s stock in a transaction dated Wednesday, September 19th. The shares were sold at an average price of $271.14, for a total value of $797,422.74. Following the sale, the executive vice president now owns 58,557 shares in the company, valued at approximately $15,877,144.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Bradley Rencher sold 12,000 shares of the stock in a transaction dated Thursday, November 1st. The shares were sold at an average price of $245.30, for a total transaction of $2,943,600.00. Following the completion of the sale, the executive vice president now owns 68,071 shares of the company’s stock, valued at approximately $16,697,816.30. The disclosure for this sale can be found here. Insiders sold a total of 17,851 shares of company stock worth $4,501,144 in the last 90 days. 0.33% of the stock is currently owned by company insiders.
WARNING: This report was posted by Daily Political and is the property of of Daily Political. If you are viewing this report on another website, it was stolen and republished in violation of international copyright and trademark legislation. The correct version of this report can be accessed at https://www.dailypolitical.com/2018/11/20/martingale-asset-management-l-p-purchases-26669-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 customers to download and install the latest versions of its creative products.
See Also: Bull Market
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.