HighPoint Advisor Group LLC Invests $5.57 Million in Adobe Inc. (NASDAQ:ADBE)

HighPoint Advisor Group LLC purchased a new stake in shares of Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 9,335 shares of the software company’s stock, valued at approximately $5,569,000.

Several other institutional investors have also added to or reduced their stakes in the company. Kestra Advisory Services LLC lifted its position in Adobe by 1.1% during the third quarter. Kestra Advisory Services LLC now owns 26,903 shares of the software company’s stock valued at $13,718,000 after buying an additional 284 shares during the period. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Adobe during the third quarter valued at approximately $18,420,000. TRUE Private Wealth Advisors raised its stake in Adobe by 39.9% during the third quarter. TRUE Private Wealth Advisors now owns 841 shares of the software company’s stock valued at $429,000 after buying an additional 240 shares during the last quarter. Clearstead Advisors LLC grew its stake in shares of Adobe by 8.6% in the third quarter. Clearstead Advisors LLC now owns 5,504 shares of the software company’s stock worth $2,806,000 after acquiring an additional 434 shares during the last quarter. Finally, Mirabella Financial Services LLP increased its holdings in shares of Adobe by 519.6% during the third quarter. Mirabella Financial Services LLP now owns 5,967 shares of the software company’s stock valued at $3,043,000 after acquiring an additional 5,004 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of NASDAQ ADBE traded up $6.75 during midday trading on Tuesday, reaching $525.49. 690,875 shares of the stock were exchanged, compared to its average volume of 3,507,007. The company has a quick ratio of 1.05, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm has a 50-day simple moving average of $475.32 and a two-hundred day simple moving average of $539.44. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The firm has a market cap of $235.42 billion, a price-to-earnings ratio of 46.61, a PEG ratio of 2.84 and a beta of 1.27.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.39 by $0.09. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the prior year, the company posted $3.04 EPS. As a group, analysts anticipate that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its Board of Directors has authorized a share buyback plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to purchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

ADBE has been the subject of several analyst reports. Melius downgraded shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target for the company. in a research report on Monday, June 10th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $600.00 price target on shares of Adobe in a report on Friday. Sanford C. Bernstein raised their target price on shares of Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a report on Monday. TheStreet cut Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Finally, Barclays upped their price objective on Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $607.67.

Insider Buying and Selling

In other news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at $1,933,596.48. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,006 shares of company stock valued at $1,424,432. 0.15% of the stock is owned by corporate 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.