HF Advisory Group LLC Raises Holdings in Adobe Inc. (NASDAQ:ADBE)

HF Advisory Group LLC boosted its position in Adobe Inc. (NASDAQ:ADBE) by 10.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,098 shares of the software company’s stock after purchasing an additional 302 shares during the quarter. HF Advisory Group LLC’s holdings in Adobe were worth $1,378,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. International Assets Investment Management LLC raised its position in shares of Adobe by 66,909.7% in the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after buying an additional 1,376,333 shares during the last quarter. Longview Partners Guernsey LTD acquired a new stake in Adobe in the 2nd quarter valued at about $663,745,000. FMR LLC raised its holdings in Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after acquiring an additional 787,356 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Adobe by 42.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock worth $519,646,000 after purchasing an additional 347,536 shares during the last quarter. Finally, Erste Asset Management GmbH purchased a new stake in shares of Adobe in the third quarter valued at approximately $126,703,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

In related news, Director Amy Banse sold 606 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,763 shares of company stock valued at $893,665 over the last quarter. 0.15% of the stock is owned by insiders.

Adobe Stock Performance

Shares of ADBE opened at $429.99 on Friday. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $638.25. The stock has a market capitalization of $189.28 billion, a PE ratio of 34.68, a PEG ratio of 1.97 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.11 and a current ratio of 1.07. The stock has a 50-day simple moving average of $476.55 and a 200-day simple moving average of $512.82.

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

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on ADBE. Bank of America reduced their price objective on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Stifel Nicolaus cut their price objective on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. BMO Capital Markets decreased their target price on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Finally, Piper Sandler cut their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average price target of $573.00.

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.