Highland Capital Management LLC Sells 971 Shares of Adobe Inc. (NASDAQ:ADBE)

Highland Capital Management LLC trimmed its holdings in Adobe Inc. (NASDAQ:ADBE) by 17.0% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,738 shares of the software company’s stock after selling 971 shares during the period. Highland Capital Management LLC’s holdings in Adobe were worth $2,391,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Barlow Wealth Partners Inc. acquired a new stake in shares of Adobe in the fourth quarter worth $16,700,000. Federated Hermes Inc. lifted its stake in shares of Adobe by 22.6% in the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after buying an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC lifted its stake in shares of Adobe by 9.6% in the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after buying an additional 184 shares during the last quarter. Vise Technologies Inc. lifted its stake in shares of Adobe by 267.3% in the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after buying an additional 5,654 shares during the last quarter. Finally, Steph & Co. lifted its stake in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the firm’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 transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,270 shares of company stock worth $15,165,916. Company insiders own 0.15% of the company’s stock.

Adobe Trading Up 0.3 %

Shares of NASDAQ:ADBE traded up $1.42 during mid-day trading on Friday, reaching $559.05. The stock had a trading volume of 2,013,985 shares, compared to its average volume of 3,944,946. The firm has a market cap of $247.88 billion, a PE ratio of 50.23, a price-to-earnings-growth ratio of 2.92 and a beta of 1.30. The firm has a 50 day simple moving average of $503.70 and a two-hundred day simple moving average of $532.66. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.39 by $0.09. The firm had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period last year, the company posted $3.04 EPS. On average, research analysts predict that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Robert W. Baird boosted their price objective on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research note on Friday, June 14th. Mizuho reiterated a “buy” rating and set a $640.00 target price (down from $680.00) on shares of Adobe in a research note on Friday, June 7th. Royal Bank of Canada reiterated an “outperform” rating and set a $600.00 target price on shares of Adobe in a research note on Friday, June 14th. KeyCorp upped their target price on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research note on Friday, June 14th. Finally, StockNews.com cut shares of Adobe from a “buy” rating to a “hold” rating in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $603.33.

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.