HCR Wealth Advisors Acquires 190 Shares of Adobe Inc. (NASDAQ:ADBE)

HCR Wealth Advisors increased its stake in Adobe Inc. (NASDAQ:ADBE) by 5.9% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,436 shares of the software company’s stock after purchasing an additional 190 shares during the quarter. HCR Wealth Advisors’ holdings in Adobe were worth $1,779,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of ADBE. Public Employees Retirement System of Ohio increased its holdings in shares of Adobe by 3.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 249,115 shares of the software company’s stock worth $148,622,000 after buying an additional 7,892 shares during the last quarter. Contour Asset Management LLC raised its position in Adobe by 0.8% during the fourth quarter. Contour Asset Management LLC now owns 114,980 shares of the software company’s stock valued at $68,597,000 after purchasing an additional 913 shares in the last quarter. Oarsman Capital Inc. boosted its holdings in shares of Adobe by 11.3% in the 4th quarter. Oarsman Capital Inc. now owns 4,231 shares of the software company’s stock worth $2,524,000 after purchasing an additional 430 shares in the last quarter. Sanibel Captiva Trust Company Inc. bought a new position in shares of Adobe during the 4th quarter valued at about $21,532,000. Finally, SageView Advisory Group LLC raised its holdings in shares of Adobe by 57.0% during the 4th quarter. SageView Advisory Group LLC now owns 6,409 shares of the software company’s stock valued at $4,024,000 after buying an additional 2,328 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Down 1.6 %

Shares of NASDAQ:ADBE traded down $8.15 during midday trading on Friday, reaching $495.42. The company’s stock had a trading volume of 2,992,409 shares, compared to its average volume of 3,229,145. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a 50 day moving average of $537.29 and a 200-day moving average of $515.75. The firm has a market capitalization of $218.08 billion, a P/E ratio of 41.84, a PEG ratio of 2.55 and a beta of 1.29. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the prior year, the company earned $3.26 earnings per share. The business’s revenue was up 10.6% compared to the same quarter last year. On average, research analysts anticipate that Adobe Inc. will post 14.8 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have commented on ADBE. Argus upgraded shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Morgan Stanley restated an “overweight” rating and set a $660.00 price target on shares of Adobe in a research report on Friday, September 13th. Sanford C. Bernstein decreased their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. Piper Sandler restated an “overweight” rating and set a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Finally, Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research note on Friday, July 12th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,759 shares of company stock worth $17,642,653. 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.