Horizon Investments LLC Has $3.76 Million Position in Adobe Inc. (NASDAQ:ADBE)

Horizon Investments LLC reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 2.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,452 shares of the software company’s stock after selling 169 shares during the period. Horizon Investments LLC’s holdings in Adobe were worth $3,758,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in ADBE. 1ST Source Bank boosted its position in Adobe by 0.7% during the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after buying an additional 20 shares during the period. Foster Group Inc. boosted its position in Adobe by 4.6% during the fourth quarter. Foster Group Inc. now owns 526 shares of the software company’s stock valued at $234,000 after buying an additional 23 shares during the period. Atlantic Edge Private Wealth Management LLC boosted its position in Adobe by 0.4% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company’s stock valued at $2,404,000 after buying an additional 23 shares during the period. Veery Capital LLC boosted its position in Adobe by 1.9% during the fourth quarter. Veery Capital LLC now owns 1,315 shares of the software company’s stock valued at $585,000 after buying an additional 24 shares during the period. Finally, Cornerstone Wealth Management LLC boosted its position in Adobe by 1.8% during the fourth quarter. Cornerstone Wealth Management LLC now owns 1,327 shares of the software company’s stock valued at $590,000 after buying an additional 24 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Adobe

In other news, Director David A. Ricks purchased 2,250 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The stock was bought at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the transaction, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, 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 5,075 shares of company stock valued at $2,191,826 over the last 90 days. Corporate insiders own 0.16% of the company’s stock.

Adobe Price Performance

Shares of ADBE opened at $391.37 on Wednesday. The company has a market capitalization of $170.40 billion, a P/E ratio of 31.56, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a 50 day moving average of $435.77 and a 200 day moving average of $479.02. Adobe Inc. has a twelve month low of $374.50 and a twelve month high of $587.75.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter last year, the firm earned $4.48 earnings per share. As a group, equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Sanford C. Bernstein cut their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. 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. Wells Fargo & Company dropped their target price on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a report on Friday, March 7th. Finally, TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and dropped their target price for the stock from $625.00 to $550.00 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, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $542.00.

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.