Hartline Investment Corp Sells 1,359 Shares of Adobe Inc. (NASDAQ:ADBE)

Hartline Investment Corp reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 15.4% in the 4th quarter, HoldingsChannel reports. The firm owned 7,449 shares of the software company’s stock after selling 1,359 shares during the quarter. Hartline Investment Corp’s holdings in Adobe were worth $3,312,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Stonebridge Financial Group LLC bought a new stake in Adobe in the fourth quarter valued at $73,000. Violich Capital Management Inc. grew its holdings in shares of Adobe by 10.1% during the fourth quarter. Violich Capital Management Inc. now owns 5,258 shares of the software company’s stock valued at $2,338,000 after buying an additional 482 shares during the last quarter. Summit Trail Advisors LLC grew its holdings in shares of Adobe by 1.1% during the fourth quarter. Summit Trail Advisors LLC now owns 7,136 shares of the software company’s stock valued at $3,173,000 after buying an additional 77 shares during the last quarter. Panoramic Capital Partners LLC acquired a new position in shares of Adobe during the fourth quarter valued at about $283,000. Finally, Arlington Partners LLC grew its holdings in shares of Adobe by 5.2% during the fourth quarter. Arlington Partners LLC now owns 7,942 shares of the software company’s stock valued at $3,532,000 after buying an additional 391 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Amy Banse sold 606 shares of the company’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock valued at $2,525,126 in the last quarter. Corporate insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Citigroup reduced their price objective 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. 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 report on Thursday, December 12th. Royal Bank of Canada reduced their price objective on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $475.00 price target (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Finally, Oppenheimer cut their price target on shares of Adobe from $625.00 to $600.00 and set an “outperform” 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 issued a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Stock Performance

Adobe stock opened at $451.10 on Tuesday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $626.34. The firm has a market capitalization of $196.36 billion, a PE ratio of 36.38, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. The firm’s 50 day simple moving average is $453.92 and its 200 day simple moving average is $499.09.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 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 business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter in the previous year, the company earned $3.52 EPS. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. As a group, analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.