Freestone Capital Holdings LLC increased its position in shares of Adobe Inc (NASDAQ:ADBE) by 8.6% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,137 shares of the software company’s stock after buying an additional 564 shares during the period. Freestone Capital Holdings LLC’s holdings in Adobe were worth $2,103,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its position in Adobe by 1.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 878,281 shares of the software company’s stock valued at $198,698,000 after acquiring an additional 13,421 shares during the period. Pennsylvania Trust Co increased its position in Adobe by 11.9% in the 1st quarter. Pennsylvania Trust Co now owns 96,834 shares of the software company’s stock valued at $25,805,000 after acquiring an additional 10,288 shares during the period. Strs Ohio increased its position in Adobe by 0.3% in the 1st quarter. Strs Ohio now owns 606,898 shares of the software company’s stock valued at $161,732,000 after acquiring an additional 1,705 shares during the period. Starfire Investment Advisers Inc. acquired a new stake in Adobe in the 1st quarter valued at approximately $201,000. Finally, Watch Point Trust Co acquired a new stake in Adobe in the 1st quarter valued at approximately $204,000. 86.39% of the stock is owned by institutional investors and hedge funds.
ADBE has been the topic of several analyst reports. Morgan Stanley upgraded Adobe from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $282.00 to $340.00 in a research report on Monday, April 29th. BMO Capital Markets raised their target price on Adobe from $300.00 to $315.00 and gave the company an “outperform” rating in a research report on Wednesday, June 19th. Royal Bank of Canada restated an “outperform” rating and issued a $295.00 target price on shares of Adobe in a research report on Wednesday, June 19th. KeyCorp restated a “hold” rating on shares of Adobe in a research report on Wednesday, June 19th. Finally, Stephens upgraded Adobe from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $288.00 to $327.00 in a research report on Wednesday, June 19th. Nine equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $301.69.
Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Tuesday, June 18th. The software company reported $1.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.78 by $0.05. The firm had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.70 billion. Adobe had a return on equity of 29.96% and a net margin of 26.25%. The firm’s quarterly revenue was up 25.0% on a year-over-year basis. During the same period last year, the company posted $1.66 EPS. As a group, equities research analysts forecast that Adobe Inc will post 6.3 EPS for the current fiscal year.
In other news, EVP Dana Rao sold 2,832 shares of the firm’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $303.36, for a total transaction of $859,115.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Charles M. Geschke sold 13,795 shares of the firm’s stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $289.96, for a total value of $3,999,998.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,627 shares of company stock valued at $7,829,264. Corporate insiders own 0.32% of the company’s stock.
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.
Featured Story: How Do Tariffs Affect Trade Balances?
Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc (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.