Adobe Inc. (NASDAQ:ADBE) Shares Bought by Hillsdale Investment Management Inc.

Hillsdale Investment Management Inc. lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 34.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,718 shares of the software company’s stock after purchasing an additional 960 shares during the period. Hillsdale Investment Management Inc.’s holdings in Adobe were worth $1,653,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. 1ST Source Bank increased its position in Adobe by 0.7% during the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after buying an additional 20 shares during the period. Foster Group Inc. grew its position in shares of Adobe by 4.6% during the fourth quarter. Foster Group Inc. now owns 526 shares of the software company’s stock worth $234,000 after acquiring an additional 23 shares during the last quarter. Atlantic Edge Private Wealth Management LLC increased its holdings in shares of Adobe by 0.4% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock valued at $2,404,000 after acquiring an additional 23 shares during the period. Veery Capital LLC raised its position in Adobe by 1.9% in the 4th quarter. Veery Capital LLC now owns 1,315 shares of the software company’s stock valued at $585,000 after purchasing an additional 24 shares during the last quarter. Finally, Cornerstone Wealth Management LLC boosted its stake in Adobe by 1.8% during the 4th quarter. Cornerstone Wealth Management LLC now owns 1,327 shares of the software company’s stock worth $590,000 after purchasing an additional 24 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of recent research reports. Piper Sandler dropped their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. BMO Capital Markets reduced their price objective on Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Barclays lowered their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Bank of America cut their price target on Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research note on Thursday, March 13th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $538.80.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 3,819 shares of the 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 sale, the executive vice president now owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction dated 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 of the company’s stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 in the last ninety days. Corporate insiders own 0.16% of the company’s stock.

Adobe Stock Down 0.6 %

ADBE opened at $387.26 on Friday. Adobe Inc. has a one year low of $374.50 and a one year high of $587.75. The company has a market cap of $168.62 billion, a price-to-earnings ratio of 31.23, a PEG ratio of 2.15 and a beta of 1.37. The business’s fifty day moving average is $434.16 and its two-hundred day moving average is $475.80. 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 (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the prior year, the company earned $4.48 EPS. Analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.