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

Hixon Zuercher LLC trimmed its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,535 shares of the software company’s stock after selling 119 shares during the period. Adobe makes up 1.5% of Hixon Zuercher LLC’s investment portfolio, making the stock its 28th biggest holding. Hixon Zuercher LLC’s holdings in Adobe were worth $3,901,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in ADBE. Piscataqua Savings Bank grew its stake in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares in the last quarter. Summit Securities Group LLC bought a new position in Adobe in the 2nd quarter valued at $33,000. Lynx Investment Advisory purchased a new position in shares of Adobe during the 2nd quarter valued at $39,000. Hobbs Group Advisors LLC bought a new position in shares of Adobe in the second quarter worth $39,000. Finally, Highline Wealth Partners LLC purchased a new stake in shares of Adobe in the third quarter worth $38,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Piper Sandler reissued an “overweight” rating and set a $635.00 price objective on shares of Adobe in a report on Friday, September 13th. Sanford C. Bernstein cut their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research note on Friday, September 13th. Morgan Stanley reissued an “overweight” rating and set a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Finally, Stifel Nicolaus upped their price objective on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Price Performance

ADBE stock opened at $486.42 on Wednesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The firm has a 50-day moving average of $518.98 and a 200 day moving average of $516.41. The company has a market cap of $214.12 billion, a P/E ratio of 41.08, a PEG ratio of 2.49 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the prior year, the company earned $3.26 EPS. The business’s revenue was up 10.6% compared to the same quarter last year. On average, sell-side analysts forecast that Adobe Inc. will post 14.82 EPS for the current year.

Insider Buying and Selling at Adobe

In related news, CAO Jillian Forusz sold 676 shares of the stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is currently owned by company insiders.

Adobe 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.