HF Advisory Group LLC Increases Stock Position in Adobe Inc. (NASDAQ:ADBE)

HF Advisory Group LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 10.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (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 quarter.

Other large investors have also recently bought and sold shares of the company. Piscataqua Savings Bank boosted its stake in shares of Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the period. Legacy Investment Solutions LLC acquired a new stake in Adobe during the 3rd quarter worth approximately $26,000. Groupama Asset Managment grew its stake in shares of Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after purchasing an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new position in shares of Adobe in the third quarter valued at approximately $30,000. Finally, True Wealth Design LLC raised its stake in shares of Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on ADBE shares. Wells Fargo & Company dropped their price objective 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. BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target for the company in a report on Wednesday. Piper Sandler reduced their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. StockNews.com upgraded Adobe from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, December 18th. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Stock Up 0.7 %

Shares of NASDAQ ADBE opened at $429.99 on Friday. The firm has a market cap of $189.28 billion, a P/E ratio of 34.68, a price-to-earnings-growth 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. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $638.25. The firm’s 50 day moving average price is $476.55 and its 200 day moving average price is $512.82.

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

Insider Transactions at Adobe

In other news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction on 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 represents a 19.94 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction on Friday, October 25th. The shares were 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 owns 18,128 shares in the company, valued at $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 a total of 1,763 shares of company stock worth $893,665 in the last three months. Company 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.