Trust Co. of Vermont trimmed its position in Adobe Inc (NASDAQ:ADBE) by 10.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,961 shares of the software company’s stock after selling 902 shares during the quarter. Trust Co. of Vermont’s holdings in Adobe were worth $3,466,000 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. Bluefin Trading LLC acquired a new position in shares of Adobe in the fourth quarter valued at $4,223,000. LMR Partners LLP acquired a new position in Adobe during the fourth quarter worth $6,034,000. Ancora Advisors LLC raised its stake in Adobe by 60.2% during the fourth quarter. Ancora Advisors LLC now owns 2,597 shares of the software company’s stock worth $856,000 after acquiring an additional 976 shares in the last quarter. Chemung Canal Trust Co. raised its stake in Adobe by 4.2% during the first quarter. Chemung Canal Trust Co. now owns 26,100 shares of the software company’s stock worth $8,306,000 after acquiring an additional 1,042 shares in the last quarter. Finally, Bamco Inc. NY raised its stake in Adobe by 0.7% during the fourth quarter. Bamco Inc. NY now owns 31,555 shares of the software company’s stock worth $10,407,000 after acquiring an additional 224 shares in the last quarter. Institutional investors and hedge funds own 84.20% of the company’s stock.
ADBE has been the subject of several recent analyst reports. Argus increased their price objective on Adobe from $368.00 to $474.00 and gave the stock a “buy” rating in a research note on Monday, June 15th. DZ Bank lowered Adobe from a “buy” rating to a “hold” rating and set a $370.00 price objective for the company. in a research note on Thursday, May 14th. Griffin Securities increased their price objective on Adobe from $334.00 to $427.00 and gave the stock a “buy” rating in a research note on Friday, June 12th. Morgan Stanley increased their price objective on Adobe from $375.00 to $450.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. Finally, JPMorgan Chase & Co. increased their price objective on Adobe from $325.00 to $430.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-two have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $407.43.
Adobe stock traded down $1.29 during mid-day trading on Friday, hitting $425.00. The stock had a trading volume of 29,395 shares, compared to its average volume of 2,896,080. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.38. Adobe Inc has a 12 month low of $255.13 and a 12 month high of $470.61. The stock has a market capitalization of $205.75 billion, a PE ratio of 56.24, a P/E/G ratio of 3.36 and a beta of 0.93. The stock has a 50-day simple moving average of $420.35 and a two-hundred day simple moving average of $362.86.
Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, June 11th. The software company reported $2.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.33 by $0.12. Adobe had a return on equity of 35.53% and a net margin of 30.72%. The firm had revenue of $3.13 billion for the quarter, compared to analysts’ expectations of $3.16 billion. During the same quarter last year, the business earned $1.83 earnings per share. The company’s revenue was up 14.1% compared to the same quarter last year. Sell-side analysts expect that Adobe Inc will post 8.05 earnings per share for the current fiscal year.
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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