Hixon Zuercher LLC Cuts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Hixon Zuercher LLC reduced its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 8.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 6,892 shares of the software company's stock after selling 643 shares during the period. Hixon Zuercher LLC's holdings in Adobe were worth $3,065,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in ADBE. Crews Bank & Trust purchased a new stake in shares of Adobe in the 4th quarter valued at about $1,864,000. Capital Investment Advisory Services LLC increased its stake in Adobe by 9.7% in the 4th quarter. Capital Investment Advisory Services LLC now owns 2,004 shares of the software company's stock worth $891,000 after purchasing an additional 178 shares during the period. Palmer Knight Co boosted its position in Adobe by 1.3% during the 4th quarter. Palmer Knight Co now owns 14,463 shares of the software company's stock valued at $6,431,000 after buying an additional 187 shares during the period. Busey Bank grew its stake in shares of Adobe by 1.2% in the fourth quarter. Busey Bank now owns 39,282 shares of the software company's stock worth $17,468,000 after purchasing an additional 459 shares during the last quarter. Finally, Synergy Asset Management LLC grew its position in shares of Adobe by 14.0% in the 4th quarter. Synergy Asset Management LLC now owns 6,215 shares of the software company's stock worth $2,741,000 after buying an additional 764 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. BNP Paribas raised shares of Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 target price on the stock in a research report on Wednesday, January 15th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and set a $475.00 target price (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a research report on Thursday, December 12th. Piper Sandler decreased their price target on Adobe from $635.00 to $600.00 and set an "overweight" rating on the stock in a report on Thursday, December 12th. Finally, Bank of America dropped their target price on shares of Adobe from $640.00 to $605.00 and set a "buy" rating for the company in a research report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Adobe has an average rating of "Moderate Buy" and an average target price of $573.00.

Insider Activity at Adobe

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

Adobe Stock Up 1.0 %

ADBE stock opened at $446.00 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a 50 day moving average of $464.63 and a 200 day moving average of $505.15. The stock has a market capitalization of $194.14 billion, a PE ratio of 35.97, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $638.25.

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

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.

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