Private Wealth Partners LLC cut its holdings in Adobe Inc (NASDAQ:ADBE) by 4.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 69,519 shares of the software company’s stock after selling 3,125 shares during the period. Adobe accounts for about 3.0% of Private Wealth Partners LLC’s portfolio, making the stock its 11th largest holding. Private Wealth Partners LLC’s holdings in Adobe were worth $18,526,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Buffington Mohr McNeal purchased a new position in Adobe in the first quarter valued at $26,000. Liberty Wealth Management LLC purchased a new position in Adobe in the fourth quarter valued at $30,000. Canton Hathaway LLC purchased a new position in Adobe in the first quarter valued at $35,000. Barnett & Company Inc. purchased a new position in Adobe in the fourth quarter valued at $32,000. Finally, Ruggie Capital Group purchased a new position in Adobe in the fourth quarter valued at $33,000. Hedge funds and other institutional investors own 86.99% of the company’s stock.
In related news, Director John E. Warnock sold 1,177 shares of the stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $269.47, for a total transaction of $317,166.19. Following the completion of the transaction, the director now directly owns 16,088 shares of the company’s stock, valued at $4,335,233.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ann Lewnes sold 3,000 shares of the stock in a transaction dated Wednesday, February 20th. The stock was sold at an average price of $258.13, for a total transaction of $774,390.00. Following the transaction, the executive vice president now directly owns 72,368 shares of the company’s stock, valued at $18,680,351.84. The disclosure for this sale can be found here. Insiders have sold 56,936 shares of company stock valued at $15,481,738 in the last quarter. Insiders own 0.32% of the company’s stock.
Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $1.37 earnings per share for the quarter, missing the consensus estimate of $1.62 by ($0.25). Adobe had a return on equity of 30.60% and a net margin of 28.08%. The business had revenue of $2.58 billion for the quarter, compared to analyst estimates of $2.55 billion. During the same quarter last year, the company posted $1.55 EPS. Adobe’s quarterly revenue was up 24.1% on a year-over-year basis. On average, sell-side analysts anticipate that Adobe Inc will post 6.24 EPS for the current fiscal year.
Several research firms recently commented on ADBE. Zacks Investment Research lowered Adobe from a “hold” rating to a “sell” rating in a report on Tuesday, February 12th. Rosenblatt Securities reissued a “buy” rating and issued a $280.00 target price on shares of Adobe in a report on Friday, March 29th. ValuEngine raised Adobe from a “hold” rating to a “buy” rating in a report on Tuesday, January 15th. BidaskClub raised Adobe from a “hold” rating to a “buy” rating in a report on Tuesday, March 26th. Finally, Credit Suisse Group reissued a “buy” rating and issued a $300.00 target price on shares of Adobe in a report on Friday, January 25th. One analyst has rated the stock with a sell rating, eight have given a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $288.70.
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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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