Harvey Investment Co. LLC Acquires Shares of 6,371 Adobe Inc. (NASDAQ:ADBE)

Harvey Investment Co. LLC bought a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 6,371 shares of the software company’s stock, valued at approximately $2,833,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. CWM LLC boosted its stake in shares of Adobe by 7.9% during the third quarter. CWM LLC now owns 42,449 shares of the software company’s stock worth $21,979,000 after buying an additional 3,097 shares during the period. Abner Herrman & Brock LLC lifted its position in Adobe by 3.1% during the 3rd quarter. Abner Herrman & Brock LLC now owns 31,310 shares of the software company’s stock worth $16,212,000 after acquiring an additional 932 shares during the period. Marcum Wealth LLC grew its stake in shares of Adobe by 4.4% in the 3rd quarter. Marcum Wealth LLC now owns 1,152 shares of the software company’s stock valued at $596,000 after purchasing an additional 49 shares during the last quarter. Sanibel Captiva Trust Company Inc. increased its holdings in shares of Adobe by 0.5% in the third quarter. Sanibel Captiva Trust Company Inc. now owns 35,231 shares of the software company’s stock valued at $18,242,000 after purchasing an additional 160 shares during the period. Finally, Enterprise Bank & Trust Co raised its stake in shares of Adobe by 1.5% during the third quarter. Enterprise Bank & Trust Co now owns 2,409 shares of the software company’s stock worth $1,247,000 after purchasing an additional 35 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CAO Jillian Forusz sold 334 shares of the firm’s 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 in the company, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director David A. Ricks purchased 2,250 shares of the firm’s stock in a transaction on Tuesday, January 28th. The stock was bought 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 in the company, valued at $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 5,681 shares of company stock worth $2,525,126 over the last quarter. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Down 0.5 %

ADBE opened at $435.40 on Friday. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $628.07. The firm has a 50 day moving average price of $455.58 and a 200 day moving average price of $500.48. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The company has a market cap of $189.53 billion, a PE ratio of 35.11, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31.

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

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ADBE. Jefferies Financial Group dropped their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Citigroup dropped their price target on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Royal Bank of Canada dropped their target price on Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Finally, UBS Group reduced their price target on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. One research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and a consensus target price 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.