HB Wealth Management LLC Increases Stock Position in Adobe Inc. (NASDAQ:ADBE)

HB Wealth Management LLC grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 6.2% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 11,647 shares of the software company’s stock after purchasing an additional 677 shares during the quarter. HB Wealth Management LLC’s holdings in Adobe were worth $5,180,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in ADBE. Commonwealth Financial Services LLC increased its position in Adobe by 3.7% during the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after buying an additional 19 shares during the period. Onyx Bridge Wealth Group LLC grew its position in shares of Adobe by 4.0% during the third quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock worth $272,000 after acquiring an additional 20 shares during the last quarter. Connable Office Inc. increased its holdings in shares of Adobe by 0.5% in the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock valued at $1,932,000 after acquiring an additional 20 shares during the period. 1ST Source Bank raised its position in Adobe by 0.7% in the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after purchasing an additional 20 shares during the last quarter. Finally, Sfmg LLC boosted its stake in Adobe by 3.1% during the 2nd quarter. Sfmg LLC now owns 708 shares of the software company’s stock worth $393,000 after purchasing an additional 21 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Stifel Nicolaus reduced their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a report on Thursday, December 12th. BMO Capital Markets reduced their price objective on Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and lowered their target price for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. Wells Fargo & Company cut their price target on Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $475.00 price objective (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $573.00.

Insider Activity

In related news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,763 shares of company stock valued at $893,665 over the last 90 days. Insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Adobe stock opened at $429.99 on Friday. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $638.25. The company has a market capitalization of $189.28 billion, a price-to-earnings ratio of 34.68, a PEG ratio of 1.97 and a beta of 1.31. The stock has a fifty day moving average of $476.55 and a two-hundred day moving average of $512.82. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.11 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the business posted $3.52 EPS. On average, analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Adobe 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.