Harvey Capital Management Inc. Increases Position in Adobe Inc. (NASDAQ:ADBE)

Harvey Capital Management Inc. boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 26.0% during the 4th quarter, HoldingsChannel.com reports. The fund owned 2,375 shares of the software company’s stock after purchasing an additional 490 shares during the period. Harvey Capital Management Inc.’s holdings in Adobe were worth $1,056,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Sound Income Strategies LLC lifted its holdings in shares of Adobe by 27.1% during the third quarter. Sound Income Strategies LLC now owns 253 shares of the software company’s stock worth $131,000 after purchasing an additional 54 shares during the period. Redhawk Wealth Advisors Inc. lifted its stake in shares of Adobe by 5.1% in the 3rd quarter. Redhawk Wealth Advisors Inc. now owns 511 shares of the software company’s stock worth $265,000 after acquiring an additional 25 shares during the period. Stablepoint Partners LLC boosted its holdings in shares of Adobe by 4.7% in the third quarter. Stablepoint Partners LLC now owns 1,515 shares of the software company’s stock valued at $784,000 after acquiring an additional 68 shares in the last quarter. Fiduciary Alliance LLC boosted its holdings in shares of Adobe by 10.8% in the third quarter. Fiduciary Alliance LLC now owns 583 shares of the software company’s stock valued at $302,000 after acquiring an additional 57 shares in the last quarter. Finally, CX Institutional increased its stake in shares of Adobe by 4.2% during the third quarter. CX Institutional now owns 2,298 shares of the software company’s stock worth $1,190,000 after acquiring an additional 93 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Up 1.7 %

Shares of NASDAQ ADBE opened at $458.82 on Wednesday. The firm has a market cap of $199.72 billion, a P/E ratio of 37.00, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $626.34. The firm’s 50 day moving average price is $451.47 and its 200 day moving average price is $497.93.

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 return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same period last year, the company earned $3.52 EPS. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 price objective (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Oppenheimer decreased their price target on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Piper Sandler cut their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Bank of America decreased their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $573.00.

Insider Activity at Adobe

In other news, Director David A. Ricks purchased 2,250 shares of the stock in a transaction on Tuesday, January 28th. The stock was purchased at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the transaction, the director now owns 4,984 shares in the company, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is owned by company insiders.

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.