HighPoint Advisor Group LLC Trims Stake in Adobe Inc. (NASDAQ:ADBE)

HighPoint Advisor Group LLC reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 2.3% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 10,985 shares of the software company’s stock after selling 264 shares during the period. HighPoint Advisor Group LLC’s holdings in Adobe were worth $5,033,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Legacy Investment Solutions LLC purchased a new stake in shares of Adobe in the 3rd quarter worth about $26,000. Groupama Asset Managment boosted its stake in Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after acquiring an additional 11,522 shares in the last quarter. True Wealth Design LLC grew its holdings in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares during the period. Decker Retirement Planning Inc. bought a new position in shares of Adobe during the fourth quarter valued at approximately $31,000. Finally, Summit Securities Group LLC purchased a new position in shares of Adobe during the fourth quarter valued at approximately $31,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Adobe

In other Adobe news, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This represents a 4.55 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,075 shares of company stock worth $2,191,826 in the last quarter. 0.16% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on ADBE shares. Summit Redstone set a $410.00 price target on Adobe in a research note on Wednesday, March 19th. Royal Bank of Canada reissued an “outperform” rating and issued a $530.00 target price on shares of Adobe in a research note on Wednesday, March 19th. Mizuho lowered their price target on Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Barclays cut their price objective on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Finally, Sanford C. Bernstein decreased their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average price target of $533.85.

Adobe Price Performance

ADBE stock opened at $385.71 on Monday. The company has a market capitalization of $164.39 billion, a PE ratio of 31.11, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The company’s fifty day moving average price is $431.81 and its 200-day moving average price is $468.92. Adobe Inc. has a one year low of $374.50 and a one year high of $587.75. 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 released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the prior year, the firm earned $4.48 EPS. On average, equities 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.