Hardy Reed LLC Grows Holdings in Adobe Inc. (NASDAQ:ADBE)

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

A number of other institutional investors have also recently modified their holdings of ADBE. Piscataqua Savings Bank raised its position in 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 acquiring an additional 34 shares during the period. MidAtlantic Capital Management Inc. acquired a new position in shares of Adobe during the 3rd quarter worth about $30,000. Summit Securities Group LLC purchased a new position in Adobe in the 2nd quarter valued at about $33,000. Briaud Financial Planning Inc acquired a new stake in Adobe in the 3rd quarter worth about $36,000. Finally, Highline Wealth Partners LLC purchased a new stake in Adobe during the 3rd quarter worth approximately $38,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Up 1.3 %

ADBE opened at $525.30 on Wednesday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a market cap of $231.24 billion, a P/E ratio of 44.37, a P/E/G ratio of 2.64 and a beta of 1.30. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The business has a fifty day simple moving average of $503.28 and a 200-day simple moving average of $519.80.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the company posted $3.26 EPS. On average, equities analysts expect that Adobe Inc. will post 14.82 earnings per share for the current year.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of research analyst reports. Morgan Stanley reaffirmed an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Stifel Nicolaus raised their price target on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. UBS Group lowered their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday, September 13th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Insider Buying and Selling

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. This represents a 23.78 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock valued at $17,736,369 in the last ninety days. 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.