Kraematon Investment Advisors Inc. cut its stake in Adobe Inc. (NASDAQ:ADBE – Free Report) by 0.5% in the second quarter, Holdings Channel.com reports. The fund owned 4,881 shares of the software company’s stock after selling 25 shares during the quarter. Adobe comprises about 2.6% of Kraematon Investment Advisors Inc.’s portfolio, making the stock its 10th largest holding. Kraematon Investment Advisors Inc.’s holdings in Adobe were worth $2,387,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. Financial Freedom LLC purchased a new position in Adobe during the 4th quarter worth approximately $29,000. Fiduciary Alliance LLC acquired a new stake in shares of Adobe in the second quarter valued at approximately $32,000. Independence Bank of Kentucky grew its position in shares of Adobe by 209.1% during the second quarter. Independence Bank of Kentucky now owns 68 shares of the software company’s stock worth $33,000 after acquiring an additional 46 shares during the last quarter. Glass Jacobson Investment Advisors llc acquired a new position in shares of Adobe in the 2nd quarter valued at $34,000. Finally, Fortis Capital Advisors LLC purchased a new stake in Adobe in the 4th quarter valued at $35,000. Institutional investors and hedge funds own 80.00% of the company’s stock.
Insider Activity at Adobe
In other news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction on Monday, October 16th. The stock was sold at an average price of $553.18, for a total value of $53,105.28. Following the completion of the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,243,144.90. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 116 shares of Adobe stock in a transaction on Wednesday, October 25th. The shares were sold at an average price of $533.56, for a total value of $61,892.96. Following the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,163,585.80. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction on Monday, October 16th. The shares were sold at an average price of $553.18, for a total transaction of $53,105.28. Following the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,243,144.90. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,467 shares of company stock valued at $1,337,400. Company insiders own 0.24% of the company’s stock.
Adobe Price Performance
Adobe (NASDAQ:ADBE – Get Free Report) last announced its earnings results on Thursday, September 14th. The software company reported $4.09 earnings per share for the quarter, beating the consensus estimate of $3.98 by $0.11. Adobe had a net margin of 27.11% and a return on equity of 37.73%. The firm had revenue of $4.89 billion during the quarter, compared to the consensus estimate of $4.87 billion. During the same quarter in the previous year, the company posted $2.63 EPS. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. As a group, sell-side analysts predict that Adobe Inc. will post 12.81 earnings per share for the current year.
Analysts Set New Price Targets
ADBE has been the topic of a number of recent research reports. BMO Capital Markets lifted their price objective on shares of Adobe from $645.00 to $670.00 and gave the company an “outperform” rating in a research note on Friday, November 10th. TD Cowen upped their price objective on Adobe from $600.00 to $630.00 and gave the company an “outperform” rating in a research note on Friday, September 15th. Wolfe Research lifted their target price on Adobe from $580.00 to $650.00 and gave the company an “outperform” rating in a research note on Friday, September 15th. Stifel Nicolaus reissued a “buy” rating and issued a $600.00 target price on shares of Adobe in a report on Wednesday, October 11th. Finally, Argus increased their price target on Adobe from $565.00 to $611.00 in a report on Tuesday, September 19th. Seven equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $603.22.
Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.
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