Wendell David Associates Inc. Buys 429 Shares of Adobe Inc. (NASDAQ:ADBE)

Wendell David Associates Inc. boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 9.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,042 shares of the software company’s stock after purchasing an additional 429 shares during the quarter. Wendell David Associates Inc.’s holdings in Adobe were worth $2,397,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Carmichael Hill & Associates Inc. bought a new stake in Adobe in the fourth quarter valued at about $25,000. Concord Wealth Partners acquired a new position in Adobe in the fourth quarter valued at about $32,000. Cordasco Financial Network grew its stake in Adobe by 54.3% in the fourth quarter. Cordasco Financial Network now owns 71 shares of the software company’s stock valued at $36,000 after acquiring an additional 25 shares during the period. Capstone Triton Financial Group LLC acquired a new position in Adobe in the fourth quarter valued at about $46,000. Finally, Curi Capital acquired a new position in shares of Adobe during the fourth quarter worth about $48,000. Institutional investors and hedge funds own 82.43% of the company’s stock.

In other news, EVP Bryan Lamkin sold 22,188 shares of the company’s stock in a transaction that occurred on Friday, January 29th. The stock was sold at an average price of $462.01, for a total transaction of $10,251,077.88. Following the sale, the executive vice president now directly owns 93,127 shares of the company’s stock, valued at approximately $43,025,605.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Shantanu Narayen sold 80,907 shares of the company’s stock in a transaction that occurred on Monday, January 25th. The stock was sold at an average price of $471.85, for a total value of $38,175,967.95. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 118,458 shares of company stock valued at $56,101,624. 0.31% of the stock is owned by company insiders.

ADBE has been the topic of a number of recent research reports. Morgan Stanley lifted their target price on Adobe from $560.00 to $575.00 and gave the company an “overweight” rating in a research report on Tuesday, March 30th. Stifel Nicolaus initiated coverage on Adobe in a research report on Friday, January 15th. They set a “buy” rating on the stock. Wedbush boosted their price target on Adobe from $410.00 to $510.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 3rd. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $523.00 price target on shares of Adobe in a research report on Wednesday, March 3rd. Finally, Guggenheim reaffirmed a “hold” rating on shares of Adobe in a research report on Thursday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and nineteen have given a buy rating to the company. Adobe currently has an average rating of “Buy” and an average price target of $547.58.

Shares of Adobe stock traded down $0.72 during trading on Thursday, hitting $511.62. The company’s stock had a trading volume of 34,437 shares, compared to its average volume of 2,740,626. Adobe Inc. has a 52 week low of $332.57 and a 52 week high of $536.88. The company has a fifty day simple moving average of $471.71 and a two-hundred day simple moving average of $478.67. The company has a market capitalization of $244.55 billion, a PE ratio of 47.26, a P/E/G ratio of 2.55 and a beta of 0.97. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.44 and a current ratio of 1.48.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Monday, March 22nd. The software company reported $3.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.79 by $0.35. Adobe had a net margin of 40.88% and a return on equity of 35.81%. The company had revenue of $3.91 billion for the quarter, compared to the consensus estimate of $3.76 billion. During the same quarter last year, the firm posted $2.27 earnings per share. The firm’s revenue was up 26.3% compared to the same quarter last year. As a group, analysts predict that Adobe Inc. will post 9.47 EPS for the current year.

Adobe Company 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.

Recommended Story: What is included in the gross domestic product?

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.