Harbour Investments Inc. Increases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Harbour Investments Inc. grew its position in Adobe Inc. (NASDAQ:ADBE) by 1.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,457 shares of the software company’s stock after buying an additional 60 shares during the quarter. Harbour Investments Inc.’s holdings in Adobe were worth $1,537,000 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. Proficio Capital Partners LLC increased its position in Adobe by 82,528.8% during the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after purchasing an additional 1,041,513 shares in the last quarter. FMR LLC increased its position in Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after purchasing an additional 787,356 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Adobe during the 4th quarter worth about $243,827,000. Assenagon Asset Management S.A. increased its position in Adobe by 42.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock worth $519,646,000 after purchasing an additional 347,536 shares in the last quarter. Finally, Seilern Investment Management Ltd purchased a new stake in Adobe during the 4th quarter worth about $110,744,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

Adobe stock opened at $391.37 on Wednesday. The stock’s 50 day moving average price is $435.77 and its 200 day moving average price is $479.02. The firm has a market capitalization of $170.40 billion, a PE ratio of 31.56, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a one year low of $374.50 and a one year high of $587.75.

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

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction that occurred 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 sale, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. The trade was a 17.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,075 shares of company stock valued at $2,191,826. Corporate insiders own 0.16% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on the company. KeyCorp dropped their price objective on Adobe from $450.00 to $390.00 and set an “underweight” rating for the company in a research report on Thursday, March 13th. Evercore ISI lowered their price target on Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Wells Fargo & Company lowered their price target on Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a report on Friday, March 7th. Sanford C. Bernstein lowered their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Finally, JMP Securities restated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $542.00.

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.