Highland Capital Management LLC Has $8.20 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Highland Capital Management LLC lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 290.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,835 shares of the software company’s stock after buying an additional 11,784 shares during the quarter. Highland Capital Management LLC’s holdings in Adobe were worth $8,199,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Signet Investment Advisory Group Inc. lifted its stake in shares of Adobe by 98.5% in the 3rd quarter. Signet Investment Advisory Group Inc. now owns 8,363 shares of the software company’s stock valued at $4,330,000 after purchasing an additional 4,150 shares during the period. Legacy Wealth Asset Management LLC increased its holdings in Adobe by 1.4% in the third quarter. Legacy Wealth Asset Management LLC now owns 3,824 shares of the software company’s stock valued at $1,980,000 after purchasing an additional 51 shares during the last quarter. Sigma Investment Counselors Inc. lifted its stake in Adobe by 13.1% in the third quarter. Sigma Investment Counselors Inc. now owns 9,495 shares of the software company’s stock valued at $4,916,000 after buying an additional 1,097 shares during the period. Lake Street Advisors Group LLC grew its position in shares of Adobe by 3.1% during the 3rd quarter. Lake Street Advisors Group LLC now owns 4,373 shares of the software company’s stock worth $2,264,000 after buying an additional 131 shares during the period. Finally, Tandem Capital Management Corp ADV bought a new stake in shares of Adobe in the 3rd quarter valued at about $858,000. 81.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently weighed in on ADBE. UBS Group reduced their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Morgan Stanley reissued an “overweight” rating and issued a $660.00 price target on shares of Adobe in a report on Friday, September 13th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Barclays boosted their target price on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 price target on shares of Adobe in a research report on Tuesday, October 15th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe Price Performance

Shares of ADBE opened at $483.72 on Friday. The company’s 50-day moving average is $530.03 and its 200-day moving average is $515.60. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization of $214.48 billion, a PE ratio of 43.46, a PEG ratio of 2.55 and a beta of 1.29. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period last year, the business posted $3.26 earnings per share. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. Equities analysts forecast that Adobe Inc. will post 14.8 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the sale, the executive vice president now owns 18,831 shares of the company’s stock, valued at $9,675,744.42. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the transaction, the executive vice president now owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,030 shares of company stock worth $17,176,005 in the last quarter. 0.15% of the stock is currently owned by corporate insiders.

Adobe 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.