Adobe Inc. (NASDAQ:ADBE) Shares Bought by Heritage Investors Management Corp

Heritage Investors Management Corp increased its stake in Adobe Inc. (NASDAQ:ADBE) by 11.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 53,538 shares of the software company’s stock after buying an additional 5,562 shares during the quarter. Heritage Investors Management Corp’s holdings in Adobe were worth $23,807,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of ADBE. Legacy Investment Solutions LLC purchased a new stake in shares of Adobe during the third quarter valued at approximately $26,000. Groupama Asset Managment boosted its stake in shares of Adobe by 28.8% in the third 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 period. MidAtlantic Capital Management Inc. acquired a new stake in Adobe during the 3rd quarter valued at $30,000. True Wealth Design LLC increased its stake in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares during the period. Finally, Decker Retirement Planning Inc. acquired a new position in Adobe in the 4th quarter worth $31,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. This represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock valued at $2,525,126 over the last 90 days. 0.15% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of analyst reports. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and dropped their target price for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. DA Davidson cut their target price on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. StockNews.com downgraded shares of Adobe from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 20th. Bank of America cut their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Finally, BMO Capital Markets reduced their price objective on shares of Adobe from $570.00 to $515.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $570.88.

Adobe Stock Down 0.4 %

ADBE stock opened at $441.50 on Thursday. The firm’s 50-day moving average is $439.88 and its two-hundred day moving average is $492.27. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $192.18 billion, a price-to-earnings ratio of 35.60, a price-to-earnings-growth ratio of 2.15 and a beta of 1.31. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $587.75.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share 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 during the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the prior year, the firm posted $3.52 earnings per share. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, analysts forecast 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.