Highland Capital Management LLC Sells 5,091 Shares of Adobe Inc. (NASDAQ:ADBE)

Highland Capital Management LLC lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 32.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,744 shares of the software company's stock after selling 5,091 shares during the quarter. Highland Capital Management LLC's holdings in Adobe were worth $4,778,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC acquired a new position in Adobe during the 3rd quarter valued at about $26,000. Piscataqua Savings Bank lifted its position in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company's stock worth $25,000 after purchasing an additional 34 shares during the period. MidAtlantic Capital Management Inc. bought a new position in Adobe during the 3rd quarter valued at $30,000. True Wealth Design LLC increased its position in shares of Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company's stock valued at $30,000 after purchasing an additional 34 shares during the period. Finally, Briaud Financial Planning Inc bought a new stake in shares of Adobe in the 3rd quarter worth $36,000. 81.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Adobe

In other Adobe news, Director Amy Banse sold 606 shares of Adobe stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now directly owns 32,929 shares of the company's stock, valued at $18,110,950. The trade was a 1.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the sale, the executive vice president now directly owns 18,334 shares of the company's stock, valued at $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,681 shares of company stock worth $2,525,126 over the last 90 days. Insiders own 0.15% of the company's stock.

Adobe Stock Up 1.2 %

NASDAQ ADBE traded up $5.37 during trading on Thursday, reaching $447.05. The company's stock had a trading volume of 2,138,152 shares, compared to its average volume of 3,899,991. The stock has a market capitalization of $194.60 billion, a PE ratio of 36.12, a PEG ratio of 2.12 and a beta of 1.31. The business has a 50-day moving average price of $464.63 and a 200-day moving average price of $505.15. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $638.25.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ADBE shares. BNP Paribas raised Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 target price on the stock in a report on Wednesday, January 15th. Oppenheimer dropped their target price on shares of Adobe from $625.00 to $600.00 and set an "outperform" rating on the stock in a report on Thursday, December 12th. Citigroup reduced their target price on shares of Adobe from $616.00 to $590.00 and set a "neutral" rating for the company in a report on Monday, December 9th. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a report on Thursday, December 12th. Finally, Barclays decreased their target price on Adobe from $675.00 to $645.00 and set an "overweight" rating on the stock in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Adobe currently has an average rating of "Moderate Buy" and a consensus price target of $573.00.

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.