Hudock Inc. Increases Stake in Adobe Inc. (NASDAQ:ADBE)

Hudock Inc. raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 75.5% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 1,146 shares of the software company’s stock after acquiring an additional 493 shares during the period. Hudock Inc.’s holdings in Adobe were worth $510,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Sawgrass Asset Management LLC grew its holdings in Adobe by 0.3% during the 4th quarter. Sawgrass Asset Management LLC now owns 29,811 shares of the software company’s stock valued at $13,256,000 after buying an additional 90 shares in the last quarter. Stanley Laman Group Ltd. grew its holdings in shares of Adobe by 87.2% in the fourth quarter. Stanley Laman Group Ltd. now owns 777 shares of the software company’s stock valued at $346,000 after purchasing an additional 362 shares in the last quarter. Raab & Moskowitz Asset Management LLC purchased a new position in shares of Adobe in the fourth quarter valued at $821,000. Fiera Capital Corp grew its holdings in shares of Adobe by 1.3% in the fourth quarter. Fiera Capital Corp now owns 411,054 shares of the software company’s stock valued at $182,787,000 after purchasing an additional 5,278 shares in the last quarter. Finally, Channing Global Advisors LLC grew its holdings in shares of Adobe by 48.7% in the fourth quarter. Channing Global Advisors LLC now owns 13,284 shares of the software company’s stock valued at $5,907,000 after purchasing an additional 4,348 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction dated 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 transaction, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock worth $2,525,126 over the last three months. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Performance

ADBE stock opened at $462.76 on Thursday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The business has a 50-day moving average price of $451.47 and a 200 day moving average price of $497.93. The company has a market capitalization of $201.44 billion, a P/E ratio of 37.32, a PEG ratio of 2.11 and a beta of 1.31. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $610.33.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the company posted $3.52 earnings per share. As a group, equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on ADBE. Piper Sandler cut their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Sanford C. Bernstein cut their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. UBS Group cut their target price on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. Finally, BMO Capital Markets cut their target price on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $573.00.

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.