Hobart Private Capital LLC Acquires 254 Shares of Adobe Inc. (NASDAQ:ADBE)

Hobart Private Capital LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 59.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 682 shares of the software company’s stock after buying an additional 254 shares during the period. Hobart Private Capital LLC’s holdings in Adobe were worth $303,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. LVW Advisors LLC boosted its stake in Adobe by 16.4% during the 3rd quarter. LVW Advisors LLC now owns 1,077 shares of the software company’s stock worth $558,000 after acquiring an additional 152 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt raised its holdings in Adobe by 52.4% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 20,872 shares of the software company’s stock worth $10,806,000 after purchasing an additional 7,172 shares during the period. Fiduciary Financial Group LLC bought a new position in shares of Adobe during the third quarter worth $448,000. Valeo Financial Advisors LLC grew its holdings in shares of Adobe by 21.4% in the 3rd quarter. Valeo Financial Advisors LLC now owns 7,396 shares of the software company’s stock valued at $3,829,000 after buying an additional 1,302 shares during the period. Finally, FARMERS & MERCHANTS TRUST Co OF LONG BEACH increased its position in shares of Adobe by 0.8% in the 3rd quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH now owns 11,842 shares of the software company’s stock valued at $6,132,000 after buying an additional 89 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have weighed in on ADBE. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $475.00 target price (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Stifel Nicolaus cut their price objective on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Citigroup lowered their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Bank of America cut their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Finally, UBS Group dropped their price objective on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. One equities 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 assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $573.00.

Adobe Stock Performance

NASDAQ ADBE opened at $433.07 on Friday. The firm has a market capitalization of $188.52 billion, a P/E ratio of 34.93, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm’s fifty day moving average price is $453.92 and its two-hundred day moving average price is $499.63. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $628.07.

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

Insider Activity

In related news, EVP Scott Belsky sold 3,819 shares of the stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the sale, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock valued at $2,525,126 over the last three months. Insiders own 0.15% of the company’s stock.

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.