Brown Advisory Inc. Reduces Stake in Adobe Inc (ADBE)
Brown Advisory Inc. reduced its position in Adobe Inc (NASDAQ:ADBE) by 11.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,759,251 shares of the software company’s stock after selling 218,163 shares during the period. Adobe makes up about 1.3% of Brown Advisory Inc.’s investment portfolio, making the stock its 19th biggest position. Brown Advisory Inc. owned approximately 0.36% of Adobe worth $398,012,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in ADBE. Ruggie Capital Group bought a new stake in Adobe during the fourth quarter valued at about $33,000. Intercontinental Wealth Advisors LLC bought a new stake in Adobe during the fourth quarter valued at about $41,000. Contravisory Investment Management Inc. raised its holdings in Adobe by 159.5% during the fourth quarter. Contravisory Investment Management Inc. now owns 205 shares of the software company’s stock valued at $46,000 after acquiring an additional 126 shares during the period. Athena Capital Advisors LLC bought a new stake in Adobe during the fourth quarter valued at about $76,000. Finally, Global Trust Asset Management LLC raised its holdings in Adobe by 105.5% during the fourth quarter. Global Trust Asset Management LLC now owns 409 shares of the software company’s stock valued at $93,000 after acquiring an additional 210 shares during the period. Hedge funds and other institutional investors own 85.88% of the company’s stock.
ADBE has been the topic of a number of recent analyst reports. ValuEngine raised Adobe from a “hold” rating to a “buy” rating in a report on Tuesday, November 27th. Zacks Investment Research raised Adobe from a “hold” rating to a “buy” rating and set a $260.00 price target on the stock in a report on Tuesday, November 27th. Credit Suisse Group reissued a “buy” rating and set a $300.00 price target on shares of Adobe in a report on Monday, December 10th. Citigroup reduced their target price on Adobe from $309.00 to $300.00 and set a “buy” rating on the stock in a report on Monday, December 10th. Finally, Nomura set a $315.00 target price on Adobe and gave the stock a “buy” rating in a report on Friday, December 14th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eighteen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $284.44.
ADBE opened at $267.69 on Friday. The stock has a market capitalization of $129.31 billion, a P/E ratio of 48.23, a P/E/G ratio of 2.59 and a beta of 1.10. Adobe Inc has a 12 month low of $204.95 and a 12 month high of $277.61. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.44.
Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 14th. The software company reported $1.71 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.62 by $0.09. The company had revenue of $2.58 billion during the quarter, compared to analyst estimates of $2.55 billion. Adobe had a return on equity of 31.19% and a net margin of 28.69%. The firm’s revenue was up 24.1% on a year-over-year basis. During the same quarter last year, the business posted $1.55 earnings per share. Analysts anticipate that Adobe Inc will post 6.21 earnings per share for the current year.
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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