Adobe Inc. (NASDAQ:ADBE) Shares Acquired by HighTower Advisors LLC

HighTower Advisors LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 4.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 294,455 shares of the software company's stock after acquiring an additional 12,410 shares during the period. HighTower Advisors LLC owned about 0.07% of Adobe worth $130,938,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Connable Office Inc. grew its position in Adobe by 0.5% in the third quarter. Connable Office Inc. now owns 3,732 shares of the software company's stock worth $1,932,000 after acquiring an additional 20 shares in the last quarter. 1ST Source Bank boosted its holdings in Adobe by 0.7% in the third quarter. 1ST Source Bank now owns 2,889 shares of the software company's stock worth $1,496,000 after purchasing an additional 20 shares in the last quarter. Holistic Financial Partners increased its position in Adobe by 6.0% during the third quarter. Holistic Financial Partners now owns 387 shares of the software company's stock worth $200,000 after buying an additional 22 shares during the last quarter. Foster Group Inc. raised its holdings in Adobe by 4.6% during the fourth quarter. Foster Group Inc. now owns 526 shares of the software company's stock valued at $234,000 after buying an additional 23 shares in the last quarter. Finally, Atlantic Edge Private Wealth Management LLC lifted its position in shares of Adobe by 0.4% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company's stock worth $2,404,000 after buying an additional 23 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $433.66 on Wednesday. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $587.75. The firm has a market cap of $188.82 billion, a PE ratio of 34.97, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The business has a fifty day moving average of $439.13 and a 200-day moving average of $484.86.

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Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts' consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same period last year, the company posted $3.52 earnings per share. The firm's quarterly revenue was up 11.1% compared to the same quarter last year. On average, equities research analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ADBE. UBS Group lowered their price objective on Adobe from $525.00 to $475.00 and set a "neutral" rating on the stock in a report on Friday, January 3rd. BNP Paribas upgraded Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 price target on the stock in a report on Wednesday, January 15th. Stifel Nicolaus lowered their price target on Adobe from $650.00 to $600.00 and set a "buy" rating on the stock in a report on Thursday, December 12th. Wells Fargo & Company lowered their price target on Adobe from $640.00 to $600.00 and set an "overweight" rating on the stock in a report on Friday, March 7th. Finally, Royal Bank of Canada lowered their price target on Adobe from $590.00 to $550.00 and set an "outperform" rating on the stock in a report on Friday, March 7th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Adobe has a consensus rating of "Moderate Buy" and a consensus target price of $563.96.

Insider Activity

In other news, Director David A. Ricks acquired 2,250 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was purchased at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the transaction, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction dated 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 of the company's stock, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,075 shares of company stock worth $2,191,826. 0.15% of the stock is owned by corporate insiders.

Adobe Company Profile

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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