Hartline Investment Corp Raises Holdings in Adobe Inc. (NASDAQ:ADBE)

Hartline Investment Corp lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 76.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,438 shares of the software company’s stock after buying an additional 6,275 shares during the quarter. Adobe makes up 1.4% of Hartline Investment Corp’s holdings, making the stock its 15th largest position. Hartline Investment Corp’s holdings in Adobe were worth $8,614,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Rockland Trust Co. boosted its position in Adobe by 4.1% during the third quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock worth $564,000 after purchasing an additional 44 shares in the last quarter. Federated Hermes Inc. boosted its position in Adobe by 22.6% during the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after purchasing an additional 41,164 shares in the last quarter. Mainsail Financial Group LLC raised its holdings in shares of Adobe by 9.6% during the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after acquiring an additional 184 shares during the last quarter. Team Hewins LLC acquired a new position in shares of Adobe during the third quarter valued at approximately $4,141,000. Finally, Guinness Asset Management LTD raised its holdings in shares of Adobe by 5.9% during the third quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock valued at $22,734,000 after acquiring an additional 2,499 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 0.9 %

Shares of NASDAQ ADBE traded up $4.22 during trading on Wednesday, reaching $477.12. The stock had a trading volume of 2,326,001 shares, compared to its average volume of 3,526,816. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The company has a market cap of $213.75 billion, a P/E ratio of 45.37, a PEG ratio of 2.53 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The business’s 50-day moving average price is $521.61 and its 200-day moving average price is $565.95.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the previous year, the firm posted $2.97 EPS. Adobe’s revenue for the quarter was up 11.3% on a year-over-year basis. On average, equities research analysts predict that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its board has initiated a stock buyback program on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. Insiders sold 984 shares of company stock valued at $577,171 in the last ninety days. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on ADBE shares. Mizuho reissued a “buy” rating and set a $680.00 target price on shares of Adobe in a report on Wednesday, March 27th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $610.00 price target on shares of Adobe in a report on Wednesday, March 27th. BNP Paribas cut Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target for the company. in a report on Thursday, January 18th. DA Davidson reaffirmed a “buy” rating and issued a $685.00 price target on shares of Adobe in a report on Thursday, March 28th. Finally, Robert W. Baird cut their price target on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $620.72.

About Adobe

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.