Wright Investors Service Inc. Purchases 1,885 Shares of Adobe Inc (NASDAQ:ADBE)
Wright Investors Service Inc. raised its position in shares of Adobe Inc (NASDAQ:ADBE) by 108.2% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,627 shares of the software company’s stock after purchasing an additional 1,885 shares during the quarter. Wright Investors Service Inc.’s holdings in Adobe were worth $1,069,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in ADBE. Dimensional Fund Advisors LP boosted its holdings in shares of Adobe by 1.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 878,281 shares of the software company’s stock worth $198,698,000 after buying an additional 13,421 shares during the period. First Manhattan Co. boosted its position in Adobe by 2.5% during the first quarter. First Manhattan Co. now owns 5,532 shares of the software company’s stock worth $1,474,000 after purchasing an additional 135 shares during the period. Shine Investment Advisory Services Inc. boosted its position in Adobe by 2.7% during the first quarter. Shine Investment Advisory Services Inc. now owns 2,506 shares of the software company’s stock worth $668,000 after purchasing an additional 65 shares during the period. Allred Capital Management LLC bought a new position in Adobe during the first quarter worth about $209,000. Finally, Prime Capital Investment Advisors LLC bought a new position in Adobe during the first quarter worth about $2,159,000. Institutional investors and hedge funds own 86.37% of the company’s stock.
NASDAQ ADBE traded down $0.30 on Thursday, reaching $283.36. 59,256 shares of the company were exchanged, compared to its average volume of 2,226,893. The firm has a fifty day simple moving average of $301.06. The company has a market cap of $140.12 billion, a PE ratio of 51.10, a P/E/G ratio of 2.62 and a beta of 1.08. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.70 and a quick ratio of 0.70. Adobe Inc has a fifty-two week low of $204.95 and a fifty-two week high of $313.11.
In other Adobe news, EVP Dana Rao sold 2,832 shares of the firm’s stock in a transaction dated 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 available through the SEC website. Also, EVP Ann Lewnes sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, June 19th. The shares were sold at an average price of $287.00, for a total value of $861,000.00. Following the completion of the transaction, the executive vice president now directly owns 58,458 shares in the company, valued at $16,777,446. The disclosure for this sale can be found here. Insiders sold 26,627 shares of company stock worth $7,829,264 in the last quarter. 0.32% of the stock is owned by insiders.
A number of equities analysts have weighed in on ADBE shares. Wells Fargo & Co reiterated a “hold” rating and set a $275.00 target price (up previously from $250.00) on shares of Adobe in a research report on Wednesday, June 19th. Zacks Investment Research downgraded Adobe from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. Morgan Stanley upgraded Adobe from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $282.00 to $340.00 in a research note on Monday, April 29th. Wedbush boosted their price objective on Adobe from $270.00 to $290.00 and gave the company a “neutral” rating in a research note on Wednesday, June 19th. Finally, KeyCorp reiterated a “hold” rating on shares of Adobe in a research note on Wednesday, June 19th. Nine research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. Adobe currently has an average rating of “Buy” and an average target price of $301.69.
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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