Highview Capital Management LLC DE Grows Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Highview Capital Management LLC DE increased its position in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 5.4% during the 4th quarter, Holdings Channel reports. The institutional investor owned 2,991 shares of the software company’s stock after purchasing an additional 153 shares during the quarter. Highview Capital Management LLC DE’s holdings in Adobe were worth $1,784,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Iron Horse Wealth Management LLC purchased a new stake in shares of Adobe during the 3rd quarter valued at approximately $25,000. HBC Financial Services PLLC purchased a new stake in shares of Adobe during the 3rd quarter valued at approximately $25,000. Global Wealth Strategies & Associates raised its position in shares of Adobe by 57.6% during the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after buying an additional 19 shares during the period. Financial Freedom LLC purchased a new stake in shares of Adobe during the 4th quarter valued at approximately $29,000. Finally, Halpern Financial Inc. increased its holdings in Adobe by 314.3% in the 3rd quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 44 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the subject of several research reports. Stifel Nicolaus dropped their target price on shares of Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a report on Friday, March 15th. Wells Fargo & Company dropped their target price on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Bank of America dropped their target price on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. JPMorgan Chase & Co. dropped their price target on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Finally, DA Davidson reaffirmed a “buy” rating and set a $685.00 price objective on shares of Adobe in a research report on Thursday, March 28th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Check Out Our Latest Analysis on Adobe

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 2,191 shares of the stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the completion of the sale, the executive vice president now owns 23,508 shares in the company, valued at $14,144,998.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CAO Mark S. Garfield sold 84 shares of the stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total transaction of $49,727.16. Following the completion of the sale, the chief accounting officer now owns 4,055 shares in the company, valued at $2,400,519.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott Belsky sold 2,191 shares of the stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the sale, the executive vice president now owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The disclosure for this sale can be found here. Insiders sold 3,063 shares of company stock worth $1,853,025 over the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE traded down $10.19 during trading hours on Friday, hitting $474.09. The company had a trading volume of 5,619,974 shares, compared to its average volume of 3,630,428. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The company has a market cap of $212.39 billion, a PE ratio of 45.21, a price-to-earnings-growth ratio of 2.64 and a beta of 1.28. The business has a 50 day moving average of $545.06 and a 200-day moving average of $567.48.

Adobe (NASDAQ:ADBEGet Free Report) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the prior year, the firm posted $2.97 earnings per share. Adobe’s revenue for the quarter was up 11.3% on a year-over-year basis. As a group, equities research analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its board has initiated a stock repurchase program on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

Adobe Company Profile

(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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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