Exchange Capital Management Inc. Has $3.21 Million Stake in Adobe Inc (ADBE)

Exchange Capital Management Inc. lifted its stake in shares of Adobe Inc (NASDAQ:ADBE) by 7.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,056 shares of the software company’s stock after acquiring an additional 804 shares during the quarter. Exchange Capital Management Inc.’s holdings in Adobe were worth $3,213,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. Martingale Asset Management L P grew its stake in Adobe by 11.9% during the third quarter. Martingale Asset Management L P now owns 250,075 shares of the software company’s stock worth $67,508,000 after purchasing an additional 26,669 shares during the period. Blue Fin Capital Inc. acquired a new stake in Adobe during the third quarter worth approximately $406,000. Vident Investment Advisory LLC grew its stake in Adobe by 23.0% during the third quarter. Vident Investment Advisory LLC now owns 4,861 shares of the software company’s stock worth $1,312,000 after purchasing an additional 909 shares during the period. Mackenzie Financial Corp grew its stake in Adobe by 26.1% during the third quarter. Mackenzie Financial Corp now owns 30,772 shares of the software company’s stock worth $8,307,000 after purchasing an additional 6,372 shares during the period. Finally, Captrust Financial Advisors grew its stake in Adobe by 23.7% during the third quarter. Captrust Financial Advisors now owns 3,018 shares of the software company’s stock worth $815,000 after purchasing an additional 579 shares during the period. Institutional investors own 86.69% of the company’s stock.

Several research firms recently commented on ADBE. Robert W. Baird raised their target price on Adobe from $290.00 to $300.00 and gave the stock an “outperform” rating in a research note on Friday, March 15th. Cowen cut Adobe from an “outperform” rating to a “market perform” rating and set a $280.00 price objective for the company. in a research note on Friday, February 15th. ValuEngine raised Adobe from a “hold” rating to a “buy” rating in a research note on Tuesday, January 15th. BidaskClub raised Adobe from a “hold” rating to a “buy” rating in a research note on Tuesday, March 26th. Finally, Zacks Investment Research cut Adobe from a “hold” rating to a “sell” rating in a research note on Tuesday, February 12th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and nineteen have given a buy rating to the company. Adobe has a consensus rating of “Buy” and a consensus target price of $285.56.

In other news, EVP Matthew Thompson sold 41,560 shares of Adobe stock in a transaction on Monday, January 28th. The stock was sold at an average price of $245.23, for a total value of $10,191,758.80. Following the completion of the transaction, the executive vice president now directly owns 63,087 shares in the company, valued at $15,470,825.01. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CMO Ann Lewnes sold 3,000 shares of Adobe stock in a transaction on Wednesday, January 30th. The shares were sold at an average price of $240.16, for a total value of $720,480.00. Following the completion of the transaction, the chief marketing officer now owns 75,368 shares of the company’s stock, valued at $18,100,378.88. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 287,330 shares of company stock worth $71,134,520. Corporate insiders own 0.32% of the company’s stock.

Shares of ADBE opened at $270.57 on Friday. The firm has a market capitalization of $131.48 billion, a price-to-earnings 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 quick ratio of 0.97 and a current ratio of 0.97. Adobe Inc has a 1 year low of $204.95 and a 1 year high of $277.61.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, March 14th. The software company reported $1.37 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.62 by ($0.25). The firm had revenue of $2.58 billion during the quarter, compared to the consensus estimate of $2.55 billion. Adobe had a net margin of 28.08% and a return on equity of 30.60%. The business’s quarterly revenue was up 24.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.55 earnings per share. Research analysts anticipate that Adobe Inc will post 6.24 earnings per share for the current fiscal year.

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Adobe Company 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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