7,274 Shares in Adobe Inc (ADBE) Purchased by Harvest Investment Services LLC

Harvest Investment Services LLC acquired a new position in Adobe Inc (NASDAQ:ADBE) in the first quarter, HoldingsChannel reports. The firm acquired 7,274 shares of the software company’s stock, valued at approximately $1,979,000. Adobe accounts for approximately 1.1% of Harvest Investment Services LLC’s investment portfolio, making the stock its 25th biggest position.

Several other institutional investors and hedge funds have also recently bought and sold shares of ADBE. Bruderman Asset Management LLC lifted its stake in shares of Adobe by 81.0% in the 4th quarter. Bruderman Asset Management LLC now owns 1,249 shares of the software company’s stock valued at $283,000 after acquiring an additional 559 shares during the last quarter. Mackenzie Financial Corp lifted its stake in shares of Adobe by 26.1% in the 3rd quarter. Mackenzie Financial Corp now owns 30,772 shares of the software company’s stock valued at $8,307,000 after acquiring an additional 6,372 shares during the last quarter. Wisconsin Capital Management LLC bought a new stake in shares of Adobe in the 4th quarter valued at about $2,738,000. Aviance Capital Partners LLC lifted its stake in shares of Adobe by 12.2% in the 4th quarter. Aviance Capital Partners LLC now owns 9,366 shares of the software company’s stock valued at $2,118,000 after acquiring an additional 1,020 shares during the last quarter. Finally, Townsend & Associates Inc lifted its stake in shares of Adobe by 1.0% in the 1st quarter. Townsend & Associates Inc now owns 4,767 shares of the software company’s stock valued at $1,270,000 after acquiring an additional 49 shares during the last quarter. Hedge funds and other institutional investors own 86.69% of the company’s stock.

Shares of NASDAQ:ADBE opened at $270.57 on Friday. Adobe Inc has a 52-week low of $204.95 and a 52-week high of $277.61. The company has a market capitalization of $131.48 billion, a PE ratio of 48.75, a PEG ratio of 2.66 and a beta of 1.10. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.97 and a quick ratio of 0.97.

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). Adobe had a return on equity of 30.60% and a net margin of 28.08%. The firm had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.55 billion. During the same period in the prior year, the company posted $1.55 EPS. The firm’s revenue was up 24.1% on a year-over-year basis. Equities research analysts forecast that Adobe Inc will post 6.24 EPS for the current year.

A number of equities research analysts have recently weighed in on ADBE shares. DZ Bank raised Adobe from a “hold” rating to a “buy” rating and set a $260.00 target price for the company in a research note on Thursday, December 27th. Stephens started coverage on Adobe in a research note on Wednesday, January 16th. They issued an “equal weight” rating and a $278.00 target price for the company. BidaskClub lowered Adobe from a “buy” rating to a “hold” rating in a research note on Wednesday, February 20th. Rosenblatt Securities reissued a “buy” rating and issued a $280.00 target price on shares of Adobe in a research note on Friday, March 29th. Finally, Canaccord Genuity upped their price target on Adobe from $290.00 to $300.00 and gave the company a “buy” rating in a research report on Friday, March 15th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and nineteen have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $285.56.

In related news, EVP Bradley Rencher sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, January 31st. The stock was sold at an average price of $246.46, for a total value of $7,393,800.00. Following the sale, the executive vice president now owns 42,340 shares in the company, valued at approximately $10,435,116.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CMO Ann Lewnes sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 30th. The stock was sold at an average price of $240.16, for a total value of $720,480.00. Following the completion of the sale, the chief marketing officer now owns 75,368 shares in the company, valued at approximately $18,100,378.88. The disclosure for this sale can be found here. Insiders sold a total of 287,330 shares of company stock valued at $71,134,520 in the last three months. Corporate insiders own 0.32% of the company’s stock.

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Adobe Profile

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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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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