Hoylecohen LLC Sells 39 Shares of Adobe Inc. (NASDAQ:ADBE)

Hoylecohen LLC lessened its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,803 shares of the software company’s stock after selling 39 shares during the period. Hoylecohen LLC’s holdings in Adobe were worth $1,002,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of ADBE. International Assets Investment Management LLC purchased a new position in Adobe in the 4th quarter worth approximately $1,468,000. Sfmg LLC boosted its stake in shares of Adobe by 3.5% in the 4th quarter. Sfmg LLC now owns 680 shares of the software company’s stock valued at $406,000 after purchasing an additional 23 shares in the last quarter. Federated Hermes Inc. boosted its stake in shares of Adobe by 22.6% in the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after purchasing an additional 41,164 shares in the last quarter. Dock Street Asset Management Inc. boosted its stake in shares of Adobe by 1.4% in the 4th quarter. Dock Street Asset Management Inc. now owns 28,658 shares of the software company’s stock valued at $17,097,000 after purchasing an additional 402 shares in the last quarter. Finally, Delta Financial Advisors LLC boosted its stake in shares of Adobe by 25.7% in the 4th quarter. Delta Financial Advisors LLC now owns 1,115 shares of the software company’s stock valued at $665,000 after purchasing an additional 228 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 0.1 %

Shares of Adobe stock traded down $0.70 during trading on Friday, hitting $553.46. The company’s stock had a trading volume of 1,541,726 shares, compared to its average volume of 3,304,834. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The company has a fifty day simple moving average of $537.27 and a two-hundred day simple moving average of $522.93. The company has a market capitalization of $245.40 billion, a PE ratio of 49.73, a P/E/G ratio of 2.85 and a beta of 1.30. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. During the same period in the prior year, the firm posted $3.04 EPS. Adobe’s revenue for the quarter was up 10.2% on a year-over-year basis. Equities research analysts predict that Adobe Inc. will post 14.69 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $600.00 price objective on shares of Adobe in a research note on Thursday, August 1st. Piper Sandler cut their price objective on shares of Adobe from $700.00 to $635.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Wells Fargo & Company increased their price target on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. Sanford C. Bernstein increased their price target on shares of Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research report on Monday, June 17th. Finally, JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and increased their price target for the company from $570.00 to $580.00 in a research report on Friday, June 14th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $601.38.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the sale, the chief accounting officer now directly owns 2,740 shares in the company, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is owned by 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.