Adobe Inc. (NASDAQ:ADBE) Shares Sold by Hickory Asset Management Inc.

Hickory Asset Management Inc. decreased its stake in Adobe Inc. (NASDAQ:ADBE) by 5.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 746 shares of the software company’s stock after selling 41 shares during the period. Hickory Asset Management Inc.’s holdings in Adobe were worth $286,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ADBE. Siemens Fonds Invest GmbH lifted its stake in shares of Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after purchasing an additional 39,888 shares during the period. SWAN Capital LLC acquired a new position in Adobe during the fourth quarter worth about $28,000. Copia Wealth Management acquired a new position in Adobe during the fourth quarter worth about $28,000. Summit Securities Group LLC acquired a new position in Adobe during the fourth quarter worth about $31,000. Finally, Bernard Wealth Management Corp. acquired a new position in Adobe during the fourth quarter worth about $36,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of a number of research reports. Bank of America lifted their target price on shares of Adobe from $424.00 to $475.00 and gave the stock a “buy” rating in a research report on Friday. KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. BMO Capital Markets restated an “outperform” rating and set a $450.00 target price on shares of Adobe in a research report on Friday. Wall Street Zen upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Thursday, May 22nd. Finally, Redburn Atlantic initiated coverage on shares of Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating for the company. Nine analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $494.67.

Adobe Price Performance

ADBE opened at $391.68 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The company has a 50 day moving average of $386.76 and a two-hundred day moving average of $421.72. The company has a market cap of $166.93 billion, a P/E ratio of 31.59, a P/E/G ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the previous year, the firm earned $4.48 earnings per share. On average, analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Activity

In other news, CFO Daniel Durn bought 1,300 shares of the firm’s stock in a transaction dated Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.16% 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.