Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Harbour Investment Management LLC

Harbour Investment Management LLC increased its stake in Adobe Inc. (NASDAQ:ADBE) by 17.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,198 shares of the software company’s stock after purchasing an additional 179 shares during the quarter. Harbour Investment Management LLC’s holdings in Adobe were worth $533,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of ADBE. Proficio Capital Partners LLC increased its stake in Adobe by 82,528.8% in the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after purchasing an additional 1,041,513 shares in the last quarter. FMR LLC increased its stake in Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after purchasing an additional 787,356 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Adobe in the 4th quarter worth about $243,827,000. Assenagon Asset Management S.A. boosted its position in Adobe by 42.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock worth $519,646,000 after acquiring an additional 347,536 shares during the period. Finally, Seilern Investment Management Ltd acquired a new stake in Adobe during the 4th quarter worth about $110,744,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ:ADBE opened at $394.74 on Friday. The company has a market cap of $171.87 billion, a price-to-earnings ratio of 31.83, a PEG ratio of 2.15 and a beta of 1.37. The firm’s 50-day moving average is $437.03 and its 200-day moving average is $482.65. Adobe Inc. has a 52-week low of $374.50 and a 52-week high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the previous year, the firm posted $4.48 earnings per share. Equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. UBS Group decreased their price objective on Adobe from $475.00 to $460.00 and set a “neutral” rating for the company in a research report on Thursday. Barclays decreased their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $475.00 price objective (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. StockNews.com lowered Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th. Finally, TD Cowen cut Adobe from a “buy” rating to a “hold” rating and lowered their price target for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average target price of $539.46.

Insider Activity at Adobe

In other news, Director David A. Ricks acquired 2,250 shares of the firm’s stock in a transaction on Tuesday, January 28th. The shares were purchased at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of the purchase, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the company’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 sale, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,075 shares of company stock valued at $2,191,826 over the last quarter. 0.16% of the stock is owned by company insiders.

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.