HBK Sorce Advisory LLC Trims Stake in Adobe Inc. (NASDAQ:ADBE)

HBK Sorce Advisory LLC cut its stake in Adobe Inc. (NASDAQ:ADBE) by 2.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,078 shares of the software company’s stock after selling 143 shares during the period. HBK Sorce Advisory LLC’s holdings in Adobe were worth $2,821,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Steph & Co. boosted its position in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares in the last quarter. International Assets Investment Management LLC grew its holdings in shares of Adobe by 16.2% during the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock valued at $1,435,000 after buying an additional 398 shares during the last quarter. Choreo LLC increased its position in shares of Adobe by 4.7% during the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after acquiring an additional 197 shares in the last quarter. Eagle Asset Management Inc. increased its holdings in shares of Adobe by 14.7% in the 4th quarter. Eagle Asset Management Inc. now owns 24,400 shares of the software company’s stock worth $14,557,000 after purchasing an additional 3,120 shares in the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its stake in shares of Adobe by 0.8% in the second quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 577,685 shares of the software company’s stock worth $327,281,000 after purchasing an additional 4,590 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

Shares of ADBE stock opened at $586.55 on Friday. The business has a fifty day moving average of $554.59 and a 200 day moving average of $520.35. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The firm has a market capitalization of $260.08 billion, a price-to-earnings ratio of 52.70, a price-to-earnings-growth ratio of 2.94 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the previous year, the company posted $3.26 earnings per share. The company’s revenue was up 10.6% compared to the same quarter last year. As a group, research analysts expect that Adobe Inc. will post 14.69 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. Evercore ISI reissued an “outperform” rating and set a $650.00 price objective on shares of Adobe in a report on Friday, June 7th. Melius downgraded shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective on the stock. in a research report on Monday, June 10th. Citigroup lifted their target price on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $600.00 price objective on shares of Adobe in a report on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and nineteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $606.86.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the sale, the executive vice president now owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The disclosure for this sale can be found here. Insiders have sold 27,523 shares of company stock worth $14,994,277 over the last quarter. 0.15% of the stock is currently owned by insiders.

Adobe Company Profile

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.