Heritage Wealth Advisors Sells 151 Shares of Adobe Inc. (NASDAQ:ADBE)

Heritage Wealth Advisors lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 9.7% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,401 shares of the software company’s stock after selling 151 shares during the quarter. Heritage Wealth Advisors’ holdings in Adobe were worth $623,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in ADBE. Proficio Capital Partners LLC grew its position in shares of Adobe by 82,528.8% during the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after acquiring an additional 1,041,513 shares during the period. FMR LLC grew its holdings in Adobe by 8.8% during the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after purchasing an additional 787,356 shares during the period. Raymond James Financial Inc. purchased a new stake in Adobe in the fourth quarter worth $243,827,000. Assenagon Asset Management S.A. raised its stake in shares of Adobe by 42.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after buying an additional 347,536 shares during the period. Finally, Seilern Investment Management Ltd purchased a new position in shares of Adobe during the 4th quarter valued at $110,744,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity

In other news, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the transaction, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. The trade was a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders sold 5,075 shares of company stock valued at $2,191,826. Insiders own 0.16% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on ADBE shares. Piper Sandler lowered their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a research note on Wednesday, January 15th. Morgan Stanley reduced their price objective on shares of Adobe from $660.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. JPMorgan Chase & Co. lowered their target price on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Finally, Sanford C. Bernstein cut their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $538.80.

Adobe Stock Up 2.3 %

Shares of NASDAQ ADBE opened at $403.64 on Wednesday. The stock has a market capitalization of $175.75 billion, a P/E ratio of 32.55, a PEG ratio of 2.15 and a beta of 1.37. Adobe Inc. has a one year low of $374.50 and a one year high of $587.75. The firm’s 50 day simple moving average is $433.70 and its two-hundred day simple moving average is $472.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter last year, the firm earned $4.48 EPS. As a group, analysts expect 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.