Heritage Investors Management Corp Has $23.81 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Heritage Investors Management Corp increased its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 11.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 53,538 shares of the software company's stock after purchasing an additional 5,562 shares during the quarter. Heritage Investors Management Corp's holdings in Adobe were worth $23,807,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of ADBE. Legacy Investment Solutions LLC bought a new position in Adobe in the third quarter valued at approximately $26,000. Groupama Asset Managment boosted its stake in Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company's stock valued at $27,000 after acquiring an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new position in Adobe in the third quarter valued at approximately $30,000. True Wealth Design LLC boosted its stake in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company's stock valued at $30,000 after acquiring an additional 34 shares during the last quarter. Finally, Decker Retirement Planning Inc. bought a new position in Adobe in the fourth quarter valued at approximately $31,000. 81.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on ADBE shares. UBS Group reduced their price objective on shares of Adobe from $525.00 to $475.00 and set a "neutral" rating on the stock in a research note on Friday, January 3rd. Sanford C. Bernstein cut their target price on shares of Adobe from $644.00 to $587.00 and set an "outperform" rating on the stock in a report on Thursday, December 12th. Bank of America cut their target price on shares of Adobe from $640.00 to $605.00 and set a "buy" rating on the stock in a report on Thursday, December 12th. BNP Paribas upgraded shares of 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. Finally, DA Davidson cut their target price on shares of Adobe from $685.00 to $625.00 and set a "buy" rating on the stock in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $570.88.

Adobe Stock Performance

Shares of ADBE traded up $1.30 during midday trading on Friday, reaching $438.49. The stock had a trading volume of 3,936,248 shares, compared to its average volume of 3,474,121. The firm has a 50 day simple moving average of $439.71 and a 200-day simple moving average of $490.93. Adobe Inc. has a one year low of $403.75 and a one year high of $587.75. The firm has a market cap of $190.87 billion, a PE ratio of 35.36, a P/E/G ratio of 2.15 and a beta of 1.31. 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 (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts' consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter last year, the firm posted $3.52 EPS. The company's quarterly revenue was up 11.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Insider Activity

In related news, Director David A. Ricks bought 2,250 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The stock was acquired at an average price of $443.98 per share, with a total value of $998,955.00. Following the acquisition, the director now owns 4,984 shares of the company's stock, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares of the company's stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock valued at $2,525,126 in the last quarter. Company insiders own 0.15% of the company's stock.

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.