Cerebellum GP LLC Takes $435,000 Position in Adobe Inc (NASDAQ:ADBE)

Cerebellum GP LLC bought a new stake in Adobe Inc (NASDAQ:ADBE) in the 3rd quarter, Holdings Channel.com reports. The firm bought 1,576 shares of the software company’s stock, valued at approximately $435,000.

Other institutional investors have also recently bought and sold shares of the company. Shine Investment Advisory Services Inc. increased its position in Adobe by 1.3% during the 2nd quarter. Shine Investment Advisory Services Inc. now owns 2,539 shares of the software company’s stock worth $748,000 after purchasing an additional 33 shares during the period. Rockland Trust Co. increased its position in Adobe by 1.3% during the 2nd quarter. Rockland Trust Co. now owns 2,965 shares of the software company’s stock worth $874,000 after purchasing an additional 37 shares during the period. First National Bank of Hutchinson increased its position in Adobe by 1.5% during the 2nd quarter. First National Bank of Hutchinson now owns 2,492 shares of the software company’s stock worth $766,000 after purchasing an additional 37 shares during the period. Zions Bancorporation N.A. increased its position in Adobe by 0.8% during the 2nd quarter. Zions Bancorporation N.A. now owns 4,559 shares of the software company’s stock worth $1,343,000 after purchasing an additional 38 shares during the period. Finally, Kings Point Capital Management increased its position in Adobe by 31.2% during the 2nd quarter. Kings Point Capital Management now owns 164 shares of the software company’s stock worth $48,000 after purchasing an additional 39 shares during the period. 86.37% of the stock is owned by institutional investors and hedge funds.

In related news, EVP Dana Rao sold 2,832 shares of the company’s stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $303.36, for a total value of $859,115.52. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CMO Ann Lewnes sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $274.34, for a total value of $823,020.00. Following the completion of the sale, the chief marketing officer now directly owns 52,398 shares in the company, valued at approximately $14,374,867.32. The disclosure for this sale can be found here. In the last ninety days, insiders sold 11,832 shares of company stock worth $3,471,486. 0.32% of the stock is owned by corporate insiders.

ADBE opened at $277.78 on Tuesday. The stock has a market cap of $134.71 billion, a P/E ratio of 45.62, a P/E/G ratio of 2.68 and a beta of 1.09. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.74 and a quick ratio of 0.74. The stock’s 50 day simple moving average is $279.24 and its 200 day simple moving average is $283.79. Adobe Inc has a 1-year low of $204.95 and a 1-year high of $313.11.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Tuesday, September 17th. The software company reported $2.05 earnings per share for the quarter, topping analysts’ consensus estimates of $1.97 by $0.08. The business had revenue of $2.83 billion for the quarter, compared to analysts’ expectations of $2.82 billion. Adobe had a return on equity of 30.49% and a net margin of 26.10%. The company’s revenue was up 23.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.73 EPS. Research analysts expect that Adobe Inc will post 6.38 EPS for the current fiscal year.

Several equities analysts have issued reports on the company. Credit Suisse Group set a $325.00 target price on Adobe and gave the stock a “buy” rating in a research report on Tuesday, September 17th. Stifel Nicolaus reiterated a “neutral” rating and set a $325.00 target price on shares of Adobe in a research report on Wednesday, September 18th. Barclays boosted their target price on Adobe from $304.00 to $330.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 19th. Canaccord Genuity set a $320.00 target price on Adobe and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Finally, Nomura dropped their target price on Adobe from $315.00 to $310.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have issued a buy rating to the company. Adobe currently has a consensus rating of “Buy” and an average price target of $302.65.

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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