Hudock Inc. Acquires Shares of 684 Adobe Inc. (NASDAQ:ADBE)

Hudock Inc. acquired a new stake in shares of Adobe Inc. (NASDAQ:ADBE) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 684 shares of the software company’s stock, valued at approximately $380,000.

Several other hedge funds and other institutional investors have also made changes to their positions in ADBE. Vise Technologies Inc. raised its position in Adobe by 267.3% in the 4th quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after purchasing an additional 5,654 shares during the period. Steph & Co. raised its position in Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the period. International Assets Investment Management LLC increased its position in shares of Adobe by 16.2% during the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after acquiring an additional 398 shares during the period. Choreo LLC increased its position in shares of Adobe by 4.7% during the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after acquiring an additional 197 shares during the period. Finally, Van Hulzen Asset Management LLC increased its position in shares of Adobe by 20.6% during the fourth quarter. Van Hulzen Asset Management LLC now owns 25,343 shares of the software company’s stock worth $15,120,000 after acquiring an additional 4,325 shares during the period. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

ADBE traded down $10.66 on Thursday, reaching $564.59. The stock had a trading volume of 670,602 shares, compared to its average volume of 3,174,991. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The business’s 50-day moving average price is $553.14 and its two-hundred day moving average price is $518.92. The company has a market cap of $250.34 billion, a P/E ratio of 51.68, a price-to-earnings-growth ratio of 3.00 and a beta of 1.30.

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

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 481 shares of the business’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 $258,297.00. Following the transaction, the executive vice president now directly owns 19,658 shares in the company, valued at $10,556,346. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Adobe news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the transaction, the executive vice president now directly owns 19,658 shares in the company, valued at approximately $10,556,346. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the business’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 completion of the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The disclosure for this sale can be found here. Insiders sold 27,523 shares of company stock valued at $14,994,277 over the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. StockNews.com lowered shares of Adobe from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. TD Cowen cut their price objective on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a report on Monday, June 10th. Stifel Nicolaus cut their price objective on shares of Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a report on Friday, June 7th. Piper Sandler Companies reissued an “overweight” rating and set a $635.00 price objective on shares of Adobe in a report on Friday, July 12th. Finally, Melius Research reissued a “hold” rating and set a $510.00 price objective on shares of Adobe in a report on Monday, June 10th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $603.79.

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.