HighTower Advisors LLC Buys 12,410 Shares of Adobe Inc. (NASDAQ:ADBE)

HighTower Advisors LLC grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 4.4% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 294,455 shares of the software company’s stock after acquiring an additional 12,410 shares during the quarter. HighTower Advisors LLC’s holdings in Adobe were worth $130,938,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADBE. Legacy Investment Solutions LLC bought a new position in Adobe during the third quarter worth about $26,000. Groupama Asset Managment lifted its holdings in shares of Adobe by 28.8% during the 3rd 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 in the last quarter. MidAtlantic Capital Management Inc. bought a new position in shares of Adobe during the 3rd quarter valued at about $30,000. True Wealth Design LLC lifted its holdings in shares of Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 34 shares in the last quarter. Finally, Decker Retirement Planning Inc. bought a new position in shares of Adobe during the 4th quarter valued at about $31,000. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Redburn Atlantic assumed coverage on Adobe in a report on Wednesday, February 19th. They set a “neutral” rating on the stock. Sanford C. Bernstein cut their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Mizuho cut their price objective on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a 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 note on Thursday, December 12th. Finally, Piper Sandler cut their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $563.96.

Adobe Stock Down 0.3 %

ADBE stock opened at $433.66 on Wednesday. The business’s 50 day simple moving average is $439.13 and its 200 day simple moving average is $484.86. The firm has a market capitalization of $188.82 billion, a PE ratio of 34.97, a PEG ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $587.75. 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 (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the company posted $3.52 EPS. As a group, research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction on 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 completion of the sale, the executive vice president now directly owns 18,334 shares in the company, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director David A. Ricks bought 2,250 shares of the business’s stock in a transaction dated Tuesday, January 28th. The shares were bought 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. This trade represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 5,075 shares of company stock worth $2,191,826 in the last ninety days. 0.15% of the stock is owned by company 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.