R.H. Dinel Investment Counsel Inc. grew its position in Adobe Inc (NASDAQ:ADBE) by 3.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 24,875 shares of the software company’s stock after purchasing an additional 850 shares during the period. Adobe makes up 6.6% of R.H. Dinel Investment Counsel Inc.’s holdings, making the stock its 3rd largest position. R.H. Dinel Investment Counsel Inc.’s holdings in Adobe were worth $6,629,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in the company. Nordea Investment Management AB raised its holdings in Adobe by 72.3% in the third quarter. Nordea Investment Management AB now owns 877,299 shares of the software company’s stock worth $236,826,000 after purchasing an additional 368,128 shares in the last quarter. B. Riley Wealth Management Inc. bought a new position in shares of Adobe during the third quarter valued at $367,000. Morgan Stanley increased its holdings in shares of Adobe by 41.6% during the third quarter. Morgan Stanley now owns 4,858,611 shares of the software company’s stock valued at $1,311,581,000 after acquiring an additional 1,426,859 shares in the last quarter. Belpointe Asset Management LLC bought a new position in shares of Adobe during the third quarter valued at $296,000. Finally, Great Lakes Advisors LLC increased its holdings in shares of Adobe by 14.2% during the third quarter. Great Lakes Advisors LLC now owns 8,885 shares of the software company’s stock valued at $2,399,000 after acquiring an additional 1,102 shares in the last quarter. 86.97% of the stock is currently owned by institutional investors and hedge funds.
In other news, EVP Donna Morris sold 15,000 shares of Adobe stock in a transaction dated Tuesday, April 23rd. The stock was sold at an average price of $275.00, for a total transaction of $4,125,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Dana Rao sold 5,955 shares of Adobe stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $255.08, for a total value of $1,519,001.40. Following the transaction, the executive vice president now directly owns 17,087 shares in the company, valued at $4,358,551.96. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 56,936 shares of company stock worth $15,481,738. 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 (EPS) for the quarter, missing the consensus estimate of $1.62 by ($0.25). The firm had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $2.55 billion. Adobe had a return on equity of 30.60% and a net margin of 28.08%. The company’s revenue for the quarter was up 24.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.55 earnings per share. As a group, equities analysts anticipate that Adobe Inc will post 6.24 EPS for the current year.
Several equities analysts have recently weighed in on the company. BidaskClub upgraded Adobe from a “hold” rating to a “buy” rating in a report on Friday, January 11th. Zacks Investment Research downgraded Adobe from a “hold” rating to a “sell” rating in a report on Tuesday, February 12th. Rosenblatt Securities reiterated a “buy” rating and issued a $280.00 price objective on shares of Adobe in a report on Friday, March 29th. ValuEngine upgraded Adobe from a “hold” rating to a “buy” rating in a report on Tuesday, January 15th. Finally, Credit Suisse Group reiterated a “buy” rating and issued a $300.00 price objective on shares of Adobe in a report on Friday, January 25th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Adobe presently has a consensus rating of “Buy” and an average price target of $288.70.
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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