Hartline Investment Corp Buys 6,275 Shares of Adobe Inc. (NASDAQ:ADBE)

Hartline Investment Corp lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 76.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 14,438 shares of the software company’s stock after acquiring an additional 6,275 shares during the quarter. Adobe comprises approximately 1.4% of Hartline Investment Corp’s holdings, making the stock its 15th largest position. Hartline Investment Corp’s holdings in Adobe were worth $8,614,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Concentrum Wealth Management boosted its stake in Adobe by 17,006.8% during the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after purchasing an additional 2,148,978 shares during the period. International Assets Investment Management LLC acquired a new position in Adobe in the 4th quarter valued at approximately $875,592,000. Invesco Ltd. raised its holdings in Adobe by 25.1% in the 3rd quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after acquiring an additional 889,607 shares in the last quarter. Jennison Associates LLC raised its holdings in Adobe by 12.3% in the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after acquiring an additional 498,957 shares in the last quarter. Finally, Alkeon Capital Management LLC acquired a new position in Adobe in the 3rd quarter valued at approximately $152,970,000. Institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Robert W. Baird cut their price target on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Stifel Nicolaus dropped their target price on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a report on Friday, March 15th. Bank of America dropped their target price on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. Piper Sandler reaffirmed an “overweight” rating and set a $700.00 price target on shares of Adobe in a report on Wednesday, March 27th. Finally, TD Cowen dropped their price target on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Insider Activity at Adobe

In other Adobe news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of the business’s 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 owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 984 shares of company stock valued at $577,171. 0.15% of the stock is owned by insiders.

Adobe Stock Up 0.9 %

Shares of ADBE traded up $4.22 during midday trading on Wednesday, hitting $477.12. The stock had a trading volume of 2,326,001 shares, compared to its average volume of 3,526,816. The company has a 50 day simple moving average of $521.61 and a two-hundred day simple moving average of $565.95. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25. The firm has a market cap of $213.75 billion, a price-to-earnings ratio of 45.37, a price-to-earnings-growth ratio of 2.53 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter last year, the business posted $2.97 EPS. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. On average, analysts anticipate that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its Board of Directors has initiated a share repurchase program on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to buy up to 10.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

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.