HighPoint Advisor Group LLC Makes New $5.57 Million Investment in Adobe Inc. (NASDAQ:ADBE)

HighPoint Advisor Group LLC bought a new stake in Adobe Inc. (NASDAQ:ADBEFree Report) during the fourth quarter, Holdings Channel reports. The institutional investor bought 9,335 shares of the software company’s stock, valued at approximately $5,569,000.

A number of other hedge funds have also made changes to their positions in ADBE. Wetzel Investment Advisors Inc. acquired a new stake in Adobe during the fourth quarter valued at $35,000. Hanseatic Management Services Inc. bought a new position in shares of Adobe during the 3rd quarter valued at $45,000. Vima LLC acquired a new stake in shares of Adobe in the 4th quarter valued at $55,000. Pineridge Advisors LLC acquired a new position in Adobe during the fourth quarter worth $60,000. Finally, Scarborough Advisors LLC acquired a new position in Adobe during the fourth quarter worth $61,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction that occurred on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the transaction, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders sold a total of 3,006 shares of company stock valued at $1,424,432 over the last ninety days. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Evercore ISI reiterated an “outperform” rating and set a $650.00 price target on shares of Adobe in a research note on Friday, June 7th. Bank of America decreased their target price on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research report on Friday, March 15th. BMO Capital Markets lifted their price target on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research report on Friday. Citigroup decreased their target price on Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a research note on Monday, June 10th. Finally, Piper Sandler reiterated an “overweight” rating and set a $700.00 target price on shares of Adobe in a research note on Friday. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average price target of $607.67.

Get Our Latest Analysis on Adobe

Adobe Trading Up 1.3 %

NASDAQ:ADBE traded up $6.75 during trading hours on Tuesday, hitting $525.49. 690,875 shares of the stock were exchanged, compared to its average volume of 3,507,007. The company has a market capitalization of $235.42 billion, a P/E ratio of 46.61, a price-to-earnings-growth ratio of 2.84 and a beta of 1.27. The company has a quick ratio of 1.05, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The company’s 50 day moving average is $475.32 and its two-hundred day moving average is $539.44. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBEGet Free Report) last posted its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.39 by $0.09. The business had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the business earned $3.04 earnings per share. On average, sell-side analysts anticipate that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has initiated a share buyback plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to purchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Adobe 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.

Further Reading

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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