6,371 Shares in Adobe Inc. (NASDAQ:ADBE) Bought by Harvey Investment Co. LLC

Harvey Investment Co. LLC acquired a new stake in shares of Adobe Inc. (NASDAQ:ADBE) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 6,371 shares of the software company’s stock, valued at approximately $2,833,000.

Other hedge funds also recently added to or reduced their stakes in the company. Piscataqua Savings Bank grew its stake in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares in the last quarter. Legacy Investment Solutions LLC acquired a new stake in Adobe during the third quarter valued at approximately $26,000. Groupama Asset Managment lifted its holdings in Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after buying an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new position in shares of Adobe in the 3rd quarter worth approximately $30,000. Finally, True Wealth Design LLC increased its holdings in shares of Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Scott Belsky sold 922 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the sale, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. This represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock valued at $2,525,126 over the last three months. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on ADBE shares. Stifel Nicolaus reduced their price objective on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Citigroup decreased their price target on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. Royal Bank of Canada decreased their target price on Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Finally, Mizuho dropped their price target on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Stock Performance

Shares of ADBE opened at $435.40 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm’s 50 day moving average is $455.58 and its 200-day moving average is $500.48. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $628.07. The stock has a market capitalization of $189.53 billion, a P/E ratio of 35.11, a P/E/G ratio of 2.12 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same quarter in the previous year, the business posted $3.52 earnings per share. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. Equities research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.