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

Hixon Zuercher LLC boosted its position in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 1.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,383 shares of the software company’s stock after purchasing an additional 80 shares during the period. Adobe makes up 2.3% of Hixon Zuercher LLC’s holdings, making the stock its 17th biggest holding. Hixon Zuercher LLC’s holdings in Adobe were worth $5,001,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of ADBE. Rockland Trust Co. raised its stake in shares of Adobe by 4.1% in the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock valued at $564,000 after acquiring an additional 44 shares during the period. Team Hewins LLC acquired a new position in shares of Adobe in the third quarter valued at approximately $4,141,000. Guinness Asset Management LTD grew its holdings in shares of Adobe by 5.9% in the third quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock valued at $22,734,000 after purchasing an additional 2,499 shares in the last quarter. Dynamic Advisor Solutions LLC grew its holdings in shares of Adobe by 23.9% in the third quarter. Dynamic Advisor Solutions LLC now owns 8,992 shares of the software company’s stock valued at $4,585,000 after purchasing an additional 1,732 shares in the last quarter. Finally, Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD grew its holdings in shares of Adobe by 36.7% in the third quarter. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD now owns 6,969 shares of the software company’s stock valued at $3,544,000 after purchasing an additional 1,871 shares in the last quarter. 80.00% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Down 2.3 %

Shares of Adobe stock opened at $499.52 on Friday. The stock has a market capitalization of $226.06 billion, a P/E ratio of 47.76, a PEG ratio of 2.77 and a beta of 1.29. The company has a quick ratio of 1.34, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a 50 day moving average price of $576.97 and a two-hundred day moving average price of $572.19. Adobe Inc. has a 12-month low of $331.89 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBEGet Free Report) last posted its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.38 by $0.10. The company had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. Adobe’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the prior year, the business earned $2.97 earnings per share. Equities analysts expect that Adobe Inc. will post 14.57 earnings per share for the current year.

Adobe declared that its Board of Directors has initiated a share buyback program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to buy up to 10.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other Adobe news, insider David Wadhwani sold 6,099 shares of the stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the completion of the transaction, the insider now directly owns 7,614 shares in the company, valued at $4,353,456.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO Mark S. Garfield sold 84 shares of the firm’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total value of $49,727.16. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,400,519.45. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider David Wadhwani sold 6,099 shares of Adobe stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total value of $3,487,225.23. Following the completion of the sale, the insider now owns 7,614 shares of the company’s stock, valued at $4,353,456.78. The disclosure for this sale can be found here. Insiders sold 9,162 shares of company stock worth $5,340,250 over the last three months. 0.15% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on ADBE. BMO Capital Markets dropped their price objective on shares of Adobe from $690.00 to $660.00 and set an “overweight” rating for the company in a report on Friday, March 15th. JPMorgan Chase & Co. lowered their price target on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Oppenheimer reiterated an “outperform” rating and set a $660.00 price target on shares of Adobe in a report on Friday, March 15th. HSBC lowered their price target on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. Finally, Royal Bank of Canada lowered their price target on shares of Adobe from $650.00 to $630.00 and set an “outperform” rating for the company in a report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $620.72.

View Our Latest Analysis on Adobe

Adobe Company 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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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