Aft Forsyth & Company Inc. Reduces Stake in Adobe Inc (NASDAQ:ADBE)

Aft Forsyth & Company Inc. lessened its position in Adobe Inc (NASDAQ:ADBE) by 1.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 7,772 shares of the software company’s stock after selling 100 shares during the period. Adobe comprises 2.5% of Aft Forsyth & Company Inc.’s portfolio, making the stock its 7th largest holding. Aft Forsyth & Company Inc.’s holdings in Adobe were worth $2,473,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Change Path LLC lifted its stake in shares of Adobe by 9.0% in the fourth quarter. Change Path LLC now owns 2,651 shares of the software company’s stock worth $874,000 after buying an additional 218 shares in the last quarter. First National Bank of Mount Dora Trust Investment Services lifted its stake in shares of Adobe by 2.4% in the fourth quarter. First National Bank of Mount Dora Trust Investment Services now owns 13,580 shares of the software company’s stock worth $4,479,000 after buying an additional 315 shares in the last quarter. Dai Ichi Life Insurance Company Ltd lifted its stake in shares of Adobe by 5.8% in the fourth quarter. Dai Ichi Life Insurance Company Ltd now owns 49,392 shares of the software company’s stock worth $16,290,000 after buying an additional 2,714 shares in the last quarter. Blue Whale Capital LLP bought a new position in shares of Adobe in the fourth quarter worth approximately $19,589,000. Finally, Atlas Private Wealth Management bought a new position in shares of Adobe in the fourth quarter worth approximately $1,672,000. Hedge funds and other institutional investors own 85.98% of the company’s stock.

Shares of NASDAQ ADBE traded up $3.09 during midday trading on Friday, reaching $385.26. The stock had a trading volume of 1,627,227 shares, compared to its average volume of 2,763,171. The stock has a 50-day moving average of $342.06 and a 200-day moving average of $332.10. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.23 and a current ratio of 1.23. The company has a market capitalization of $184.13 billion, a price-to-earnings ratio of 58.37, a price-to-earnings-growth ratio of 2.98 and a beta of 0.90. Adobe Inc has a 12-month low of $255.13 and a 12-month high of $386.74.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 12th. The software company reported $2.27 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.23 by $0.04. The firm had revenue of $3.09 billion during the quarter, compared to analysts’ expectations of $3.05 billion. Adobe had a net margin of 27.72% and a return on equity of 33.54%. The company’s revenue for the quarter was up 18.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.71 earnings per share. As a group, analysts forecast that Adobe Inc will post 8 EPS for the current fiscal year.

In related news, EVP Scott Belsky sold 600 shares of the company’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $301.40, for a total transaction of $180,840.00. Following the completion of the transaction, the executive vice president now owns 13,655 shares in the company, valued at $4,115,617. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CMO Ann Lewnes sold 5,000 shares of the company’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $306.97, for a total transaction of $1,534,850.00. Following the transaction, the chief marketing officer now owns 59,565 shares of the company’s stock, valued at approximately $18,284,668.05. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,298 shares of company stock valued at $4,025,976. 0.31% of the stock is owned by company insiders.

Several research analysts have recently weighed in on the stock. Jefferies Financial Group decreased their price objective on shares of Adobe from $385.00 to $370.00 and set a “buy” rating for the company in a report on Friday, March 13th. Wells Fargo & Co decreased their price objective on shares of Adobe from $345.00 to $315.00 and set an “equal weight” rating for the company in a report on Friday, March 13th. Bank of America reissued a “buy” rating and set a $360.00 price objective on shares of Adobe in a report on Friday, March 13th. BidaskClub raised shares of Adobe from a “buy” rating to a “strong-buy” rating in a report on Thursday, February 20th. Finally, Oppenheimer boosted their price objective on shares of Adobe from $375.00 to $410.00 and gave the company an “outperform” rating in a report on Tuesday, March 17th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Adobe currently has a consensus rating of “Buy” and a consensus target price of $342.54.

About Adobe

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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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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