Hoey Investments Inc. Increases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Hoey Investments Inc. raised its position in Adobe Inc. (NASDAQ:ADBE) by 21.9% in the fourth quarter, Holdings Channel reports. The institutional investor owned 239 shares of the software company’s stock after purchasing an additional 43 shares during the period. Hoey Investments Inc.’s holdings in Adobe were worth $106,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. C M Bidwell & Associates Ltd. raised its holdings in Adobe by 49.6% in the 4th quarter. C M Bidwell & Associates Ltd. now owns 350 shares of the software company’s stock worth $156,000 after purchasing an additional 116 shares during the period. AIA Group Ltd purchased a new stake in shares of Adobe in the fourth quarter valued at approximately $923,000. FSB Premier Wealth Management Inc. raised its stake in shares of Adobe by 14.8% during the 4th quarter. FSB Premier Wealth Management Inc. now owns 697 shares of the software company’s stock worth $310,000 after buying an additional 90 shares during the period. Prevail Innovative Wealth Advisors LLC lifted its position in shares of Adobe by 204.6% during the 4th quarter. Prevail Innovative Wealth Advisors LLC now owns 7,033 shares of the software company’s stock valued at $3,127,000 after buying an additional 4,724 shares in the last quarter. Finally, United Bank grew its stake in Adobe by 36.2% in the 4th quarter. United Bank now owns 3,535 shares of the software company’s stock valued at $1,572,000 after acquiring an additional 939 shares during the period. 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 the stock. TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and decreased their price objective for the company from $625.00 to $550.00 in a report on Thursday, December 12th. DA Davidson decreased their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective for the company in a research note on Wednesday, January 15th. UBS Group set a $495.00 target price on Adobe in a research report on Thursday, March 13th. Finally, JPMorgan Chase & Co. dropped their price target on Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $533.85.

Adobe Stock Down 2.6 %

Shares of ADBE opened at $385.71 on Monday. 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 firm has a market cap of $164.39 billion, a P/E ratio of 31.11, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The company’s 50-day moving average price is $431.81 and its 200 day moving average price is $468.92. Adobe Inc. has a 12-month low of $374.50 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period in the prior year, the business posted $4.48 EPS. On average, sell-side analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity

In related news, 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 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 trade represents a 11.06 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by corporate insiders.

Adobe 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.