Harvest Volatility Management LLC lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 61.4% in the 1st quarter, Holdings Channel.com reports. The firm owned 10,398 shares of the software company’s stock after purchasing an additional 3,956 shares during the period. Adobe comprises about 0.5% of Harvest Volatility Management LLC’s holdings, making the stock its 23rd largest position. Harvest Volatility Management LLC’s holdings in Adobe were worth $4,943,000 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. Carmichael Hill & Associates Inc. acquired a new position in Adobe in the fourth quarter valued at $25,000. Concord Wealth Partners acquired a new stake in shares of Adobe in the 4th quarter worth $32,000. Cordasco Financial Network boosted its holdings in Adobe by 54.3% in the 4th quarter. Cordasco Financial Network now owns 71 shares of the software company’s stock valued at $36,000 after purchasing an additional 25 shares in the last quarter. Better Money Decisions LLC purchased a new stake in shares of Adobe in the first quarter valued at approximately $39,000. Finally, Capstone Triton Financial Group LLC purchased a new stake in shares of Adobe during the 4th quarter worth $46,000. 82.43% of the stock is currently owned by hedge funds and other institutional investors.
Several equities analysts have weighed in on ADBE shares. Jefferies Financial Group dropped their target price on shares of Adobe from $610.00 to $560.00 and set a “buy” rating for the company in a report on Tuesday. They noted that the move was a valuation call. BMO Capital Markets dropped their target price on Adobe from $570.00 to $535.00 and set an “outperform” rating for the company in a research note on Tuesday, March 30th. UBS Group reaffirmed a “buy” rating on shares of Adobe in a research note on Thursday, April 8th. Wedbush upped their price target on shares of Adobe from $410.00 to $510.00 and gave the company a “neutral” rating in a report on Wednesday, February 3rd. Finally, Bank of America restated a “buy” rating and issued a $570.00 target price on shares of Adobe in a research note on Wednesday, April 14th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $550.08.
In other Adobe news, Director John E. Warnock sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, April 19th. The shares were sold at an average price of $517.25, for a total value of $1,293,125.00. Following the transaction, the director now owns 18,882 shares in the company, valued at approximately $9,766,714.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Abhay Parasnis sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, April 15th. The shares were sold at an average price of $524.00, for a total transaction of $2,096,000.00. Following the completion of the transaction, the executive vice president now owns 39,746 shares in the company, valued at approximately $20,826,904. The disclosure for this sale can be found here. Over the last three months, insiders sold 14,528 shares of company stock valued at $7,421,128. Company insiders own 0.31% of the company’s stock.
Shares of NASDAQ:ADBE traded up $10.99 during mid-day trading on Thursday, hitting $491.46. The stock had a trading volume of 17,013 shares, compared to its average volume of 2,566,563. The company’s 50 day moving average is $498.88 and its 200-day moving average is $479.89. Adobe Inc. has a 12-month low of $361.44 and a 12-month high of $536.88. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.44 and a current ratio of 1.48. The company has a market cap of $234.92 billion, a PE ratio of 44.32, a P/E/G ratio of 2.55 and a beta of 0.97.
Adobe (NASDAQ:ADBE) last announced its earnings results on Monday, March 22nd. The software company reported $3.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.79 by $0.35. The company had revenue of $3.91 billion for the quarter, compared to the consensus estimate of $3.76 billion. Adobe had a net margin of 40.88% and a return on equity of 35.81%. The company’s revenue was up 26.3% on a year-over-year basis. During the same period in the previous year, the business earned $2.27 EPS. On average, equities research analysts predict that Adobe Inc. will post 9.47 EPS for the current fiscal year.
Adobe Profile
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, 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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