Dynasty Wealth Management LLC Takes Position in Adobe Inc (ADBE)
Dynasty Wealth Management LLC bought a new position in shares of Adobe Inc (NASDAQ:ADBE) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 821 shares of the software company’s stock, valued at approximately $222,000.
A number of other large investors have also bought and sold shares of ADBE. Edgewood Management LLC bought a new position in Adobe during the 2nd quarter worth approximately $565,496,000. Morgan Stanley raised its holdings in Adobe by 79.1% during the 2nd quarter. Morgan Stanley now owns 3,431,752 shares of the software company’s stock worth $836,695,000 after purchasing an additional 1,515,736 shares during the last quarter. Moneta Group Investment Advisors LLC bought a new position in Adobe during the 2nd quarter worth approximately $546,000. Chevy Chase Trust Holdings Inc. bought a new position in Adobe during the 2nd quarter worth approximately $102,939,000. Finally, Acadian Asset Management LLC bought a new position in Adobe during the 2nd quarter worth approximately $101,973,000. Institutional investors and hedge funds own 83.65% of the company’s stock.
Several research firms have issued reports on ADBE. BidaskClub upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Saturday, August 25th. ValuEngine lowered shares of Adobe from a “buy” rating to a “hold” rating in a report on Tuesday. Citigroup raised their price target on shares of Adobe from $260.00 to $309.00 and gave the stock a “buy” rating in a report on Friday, September 14th. Pivotal Research raised their price target on shares of Adobe from $235.00 to $254.00 and gave the stock a “hold” rating in a report on Friday, September 14th. Finally, Jefferies Financial Group raised their price target on shares of Adobe to $315.00 and gave the stock a “buy” rating in a report on Friday, September 14th. Eleven research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $272.55.
Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 13th. The software company reported $1.73 earnings per share for the quarter, beating the consensus estimate of $1.69 by $0.04. The company had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.25 billion. Adobe had a net margin of 28.16% and a return on equity of 29.51%. Adobe’s revenue for the quarter was up 24.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.10 EPS. Analysts forecast that Adobe Inc will post 5.66 EPS for the current fiscal year.
In other Adobe news, EVP Bradley Rencher sold 12,000 shares of the business’s stock in a transaction on 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 in the company, valued at approximately $16,697,816.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Ann Lewnes sold 2,910 shares of the business’s stock in a transaction on Wednesday, October 17th. The shares were sold at an average price of $261.21, for a total transaction of $760,121.10. Following the sale, the executive vice president now owns 55,647 shares of the company’s stock, valued at approximately $14,535,552.87. The disclosure for this sale can be found here. Insiders sold a total of 17,851 shares of company stock valued at $4,501,144 in the last quarter. 0.33% of the stock is currently owned by company insiders.
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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 customers to download and install the latest versions of its creative products.
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