Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Hardy Reed LLC

Hardy Reed LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,815 shares of the software company’s stock after purchasing an additional 98 shares during the quarter. Hardy Reed LLC’s holdings in Adobe were worth $3,011,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Piscataqua Savings Bank boosted its holdings in shares of Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in Adobe in the third quarter valued at $30,000. Summit Securities Group LLC acquired a new position in Adobe in the second quarter valued at $33,000. Briaud Financial Planning Inc acquired a new stake in shares of Adobe during the third quarter worth about $36,000. Finally, Highline Wealth Partners LLC purchased a new stake in shares of Adobe in the 3rd quarter valued at about $38,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Up 1.3 %

ADBE opened at $525.30 on Wednesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market cap of $231.24 billion, a price-to-earnings ratio of 44.37, a PEG ratio of 2.64 and a beta of 1.30. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The business’s fifty day moving average is $503.28 and its two-hundred day moving average is $519.80.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period in the previous year, the firm earned $3.26 EPS. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. Analysts anticipate that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Royal Bank of Canada restated an “outperform” rating and set a $610.00 price target on shares of Adobe in a research note on Tuesday, October 15th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Morgan Stanley reiterated an “overweight” rating and set a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Barclays lifted their price objective on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Finally, StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Insider Transactions at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock valued at $17,736,369 in the last ninety days. Corporate insiders own 0.15% of the company’s stock.

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.