HCR Wealth Advisors cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 1.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,393 shares of the software company’s stock after selling 43 shares during the period. HCR Wealth Advisors’ holdings in Adobe were worth $1,509,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. International Assets Investment Management LLC raised its holdings in Adobe by 66,909.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after purchasing an additional 1,376,333 shares during the period. Longview Partners Guernsey LTD purchased a new stake in Adobe in the second quarter worth about $663,745,000. FMR LLC raised its stake in shares of Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after buying an additional 787,356 shares during the period. Mercer Global Advisors Inc. ADV raised its stake in shares of Adobe by 982.4% in the second quarter. Mercer Global Advisors Inc. ADV now owns 541,670 shares of the software company’s stock worth $300,919,000 after buying an additional 491,627 shares during the period. Finally, Assenagon Asset Management S.A. lifted its position 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 valued at $519,646,000 after buying an additional 347,536 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
ADBE has been the topic of a number of recent analyst reports. 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 research note on Thursday, December 12th. Bank of America reduced their price objective on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Wells Fargo & Company lowered their target price on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Citigroup dropped their target price on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Finally, DA Davidson decreased their price target on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $573.00.
Adobe Stock Performance
Adobe stock opened at $417.28 on Thursday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $638.25. The company’s 50-day moving average price is $481.07 and its 200-day moving average price is $515.02. The company has a market cap of $183.69 billion, a PE ratio of 33.65, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31.
Adobe (NASDAQ:ADBE – Get Free Report) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the firm posted $3.52 earnings per share. On average, equities research analysts forecast that Adobe Inc. will post 16.73 EPS for the current fiscal year.
Insider Activity at Adobe
In related news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction 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 $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,763 shares of company stock worth $893,665. Company insiders own 0.15% of the company’s stock.
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.
Read More
- Five stocks we like better than Adobe
- What is a Special Dividend?
- Advance Auto Parts: Retail Trends Suggest Big Gains Ahead
- How to Choose Top Rated Stocks
- 4 Social Media Stocks Set to Gain as TikTok Ban Looms
- How Investors Can Find the Best Cheap Dividend Stocks
- How Do Stock Buybacks Affect Shareholders?
Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc. (NASDAQ:ADBE – Free Report).
Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.