Hardy Reed LLC Has $1.63 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Hardy Reed LLC cut its stake in Adobe Inc. (NASDAQ:ADBE) by 36.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,669 shares of the software company’s stock after selling 2,146 shares during the period. Hardy Reed LLC’s holdings in Adobe were worth $1,632,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Connable Office Inc. raised its position in shares of Adobe by 0.5% in the third quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock valued at $1,932,000 after purchasing an additional 20 shares during the period. 1ST Source Bank increased its holdings in Adobe by 0.7% during the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after acquiring an additional 20 shares during the period. James J. Burns & Company LLC increased its holdings in Adobe by 5.6% during the 3rd quarter. James J. Burns & Company LLC now owns 415 shares of the software company’s stock worth $215,000 after acquiring an additional 22 shares during the period. Holistic Financial Partners increased its holdings in Adobe by 6.0% during the 3rd quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock worth $200,000 after acquiring an additional 22 shares during the period. Finally, Latitude Advisors LLC increased its holdings in Adobe by 4.3% during the 3rd quarter. Latitude Advisors LLC now owns 555 shares of the software company’s stock worth $287,000 after acquiring an additional 23 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Down 1.5 %

Shares of NASDAQ ADBE opened at $456.99 on Thursday. 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 Inc. has a 12 month low of $403.75 and a 12 month high of $587.75. The firm has a market capitalization of $198.93 billion, a PE ratio of 36.85, a price-to-earnings-growth ratio of 2.23 and a beta of 1.31. The firm has a fifty day simple moving average of $441.28 and a two-hundred day simple moving average of $494.89.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same period in the prior year, the business earned $3.52 EPS. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. Equities analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Ratings Changes

ADBE has been the topic of a number of analyst reports. 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 report on Wednesday, January 15th. Citigroup decreased their target price on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday, December 9th. Piper Sandler decreased their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. DA Davidson decreased 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. Finally, BMO Capital Markets cut their price target on shares of Adobe from $570.00 to $515.00 and set an “outperform” rating for the company in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Adobe has an average rating of “Moderate Buy” and an average price target of $570.88.

Insiders Place Their Bets

In related news, EVP Scott Belsky sold 3,819 shares of the stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $430.24, for a total value 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 Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the 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 completion of the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is currently owned by corporate insiders.

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.