Adobe Inc (ADBE) Position Boosted by Bank of Hawaii
Bank of Hawaii raised its holdings in shares of Adobe Inc (NASDAQ:ADBE) by 10.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,405 shares of the software company’s stock after buying an additional 1,025 shares during the quarter. Bank of Hawaii’s holdings in Adobe were worth $2,809,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors have also bought and sold shares of ADBE. Edgewood Management LLC bought a new stake in Adobe during the second quarter worth about $565,496,000. Morgan Stanley lifted its stake in Adobe by 79.1% during the second 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 stake in Adobe during the second quarter worth about $546,000. Chevy Chase Trust Holdings Inc. bought a new stake in Adobe during the second quarter worth about $102,939,000. Finally, Acadian Asset Management LLC bought a new stake in Adobe during the second quarter worth about $101,973,000. Institutional investors and hedge funds own 83.65% of the company’s stock.
ADBE has been the subject of several research analyst reports. Zacks Investment Research raised Adobe from a “hold” rating to a “buy” rating and set a $305.00 price target for the company in a research note on Thursday, October 4th. Citigroup lifted their price target on Adobe from $260.00 to $309.00 and gave the stock a “buy” rating in a research note on Friday, September 14th. Argus lifted their price target on Adobe from $289.00 to $320.00 and gave the stock a “buy” rating in a research note on Monday, September 17th. Wedbush initiated coverage on Adobe in a research note on Thursday, October 18th. They set a “neutral” rating and a $270.00 price target for the company. Finally, ValuEngine lowered Adobe from a “buy” rating to a “hold” rating in a research note on Tuesday. Eleven investment analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. Adobe has an average rating of “Buy” and an average price target of $272.55.
Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 13th. The software company reported $1.73 earnings per share for the quarter, beating analysts’ consensus estimates of $1.69 by $0.04. Adobe had a return on equity of 29.51% and a net margin of 28.16%. The company had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.25 billion. During the same quarter in the previous year, the company posted $1.10 EPS. Adobe’s revenue for the quarter was up 24.4% on a year-over-year basis. Equities research analysts forecast that Adobe Inc will post 5.66 earnings per share for the current year.
In other Adobe news, EVP Bradley Rencher sold 12,000 shares of the company’s stock in a transaction that occurred on Thursday, November 1st. The stock was sold at an average price of $245.30, for a total transaction of $2,943,600.00. Following the completion of the transaction, the executive vice president now owns 68,071 shares of the company’s stock, valued at approximately $16,697,816.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ann Lewnes sold 2,955 shares of the company’s stock in a transaction that occurred on Wednesday, November 21st. The shares were sold at an average price of $225.38, for a total value of $665,997.90. Following the transaction, the executive vice president now directly owns 52,692 shares of the company’s stock, valued at approximately $11,875,722.96. The disclosure for this sale can be found here. In the last three months, insiders sold 20,806 shares of company stock valued at $5,167,142. 0.33% of the stock is currently owned by corporate insiders.
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 customers to download and install the latest versions of its creative products.
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