Hoylecohen LLC Buys 140 Shares of Adobe Inc. (NASDAQ:ADBE)

Hoylecohen LLC grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 8.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,842 shares of the software company’s stock after buying an additional 140 shares during the period. Hoylecohen LLC’s holdings in Adobe were worth $1,099,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. One Charles Private Wealth Services LLC raised its holdings in shares of Adobe by 2.2% in the third quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock valued at $400,000 after acquiring an additional 17 shares in the last quarter. Invst LLC boosted its holdings in shares of Adobe by 1.9% in the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock valued at $467,000 after buying an additional 17 shares in the last quarter. Raleigh Capital Management Inc. boosted its holdings in shares of Adobe by 3.1% in the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock valued at $285,000 after buying an additional 17 shares in the last quarter. Lantz Financial LLC raised its stake in shares of Adobe by 2.5% during the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock worth $411,000 after acquiring an additional 17 shares in the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management lifted its position in Adobe by 4.3% during the fourth quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after acquiring an additional 17 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,006 shares of company stock valued at $1,424,432. 0.15% of the stock is currently owned by corporate insiders.

Adobe Stock Performance

Shares of ADBE stock traded down $7.88 on Friday, hitting $475.43. 3,085,605 shares of the stock traded hands, compared to its average volume of 2,563,092. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The company’s fifty day moving average is $486.80 and its 200 day moving average is $555.69. Adobe Inc. has a 1-year low of $374.09 and a 1-year high of $638.25. The company has a market capitalization of $212.99 billion, a PE ratio of 45.45, a PEG ratio of 2.62 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The company had revenue of $5.18 billion for 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%. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.97 earnings per share. On average, equities research analysts predict that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has authorized a stock repurchase program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of research analysts have recently weighed in on ADBE shares. Oppenheimer reissued an “outperform” rating and issued a $660.00 price objective on shares of Adobe in a report on Wednesday, March 27th. TD Cowen decreased their price objective on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a report on Friday, March 15th. Mizuho restated a “buy” rating and set a $680.00 target price on shares of Adobe in a report on Wednesday, March 27th. Barclays dropped their price objective on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Finally, JPMorgan Chase & Co. cut their target price on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average price target of $620.72.

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.