Hudson Valley Investment Advisors Inc. ADV Raises Stock Position in Adobe Inc. (NASDAQ:ADBE)

Hudson Valley Investment Advisors Inc. ADV lifted its position in Adobe Inc. (NASDAQ:ADBEFree Report) by 0.2% in the fourth quarter, Holdings Channel reports. The firm owned 24,828 shares of the software company’s stock after buying an additional 40 shares during the period. Adobe accounts for 1.3% of Hudson Valley Investment Advisors Inc. ADV’s investment portfolio, making the stock its 21st largest holding. Hudson Valley Investment Advisors Inc. ADV’s holdings in Adobe were worth $11,041,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Fulton Bank N.A. lifted its holdings in shares of Adobe by 3.2% in the 4th quarter. Fulton Bank N.A. now owns 16,180 shares of the software company’s stock worth $7,195,000 after buying an additional 499 shares during the period. Northcape Capital Pty Ltd raised its holdings in shares of Adobe by 44.4% in the fourth quarter. Northcape Capital Pty Ltd now owns 5,155 shares of the software company’s stock valued at $2,292,000 after acquiring an additional 1,585 shares in the last quarter. One Wealth Capital Management LLC purchased a new stake in Adobe in the fourth quarter worth about $1,057,000. Norway Savings Bank grew its holdings in Adobe by 33.3% during the 4th quarter. Norway Savings Bank now owns 2,262 shares of the software company’s stock worth $1,006,000 after acquiring an additional 565 shares in the last quarter. Finally, Diversified Trust Co increased its position in Adobe by 27.6% during the 4th quarter. Diversified Trust Co now owns 8,222 shares of the software company’s stock valued at $3,656,000 after purchasing an additional 1,776 shares during the period. Institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Royal Bank of Canada lowered their price target on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Barclays lowered their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $475.00 price target (down from $600.00) on shares of Adobe in a report on Wednesday. DA Davidson decreased their price objective on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Finally, Oppenheimer cut their target price on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $575.85.

View Our Latest Analysis on Adobe

Insider Buying and Selling at Adobe

In related news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at $8,763,437.76. The trade was a 2.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,293 shares of company stock worth $1,679,809. Insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $419.58 on Friday. Adobe Inc. has a 52 week low of $415.51 and a 52 week high of $638.25. The business’s 50 day moving average price is $485.54 and its 200 day moving average price is $517.97. 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 market cap of $184.70 billion, a P/E ratio of 33.84, a P/E/G ratio of 2.51 and a beta of 1.31.

Adobe (NASDAQ:ADBEGet Free Report) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.52 earnings per share. On average, sell-side analysts expect that Adobe Inc. will post 16.73 earnings per share for the current year.

About Adobe

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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