Hoey Investments Inc. Sells 50 Shares of Adobe Inc. (NASDAQ:ADBE)

Hoey Investments Inc. reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 20.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 189 shares of the software company’s stock after selling 50 shares during the quarter. Hoey Investments Inc.’s holdings in Adobe were worth $72,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ADBE. Norges Bank acquired a new position in shares of Adobe during the 4th quarter worth about $2,553,035,000. GAMMA Investing LLC boosted its position in Adobe by 46,806.6% during the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company’s stock worth $1,147,049,000 after acquiring an additional 2,984,391 shares during the last quarter. Proficio Capital Partners LLC boosted its position in Adobe by 82,528.8% during the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after acquiring an additional 1,041,513 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in Adobe by 82.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock worth $937,291,000 after acquiring an additional 952,233 shares during the last quarter. Finally, Two Sigma Advisers LP boosted its position in Adobe by 1,414.5% during the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company’s stock worth $395,321,000 after acquiring an additional 830,300 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CFO Daniel Durn purchased 1,300 shares of the company’s stock in a transaction dated Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, with a total value of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.16% of the company’s stock.

Adobe Stock Down 5.3%

Shares of NASDAQ:ADBE opened at $391.68 on Friday. The business’s 50 day moving average is $386.76 and its 200 day moving average is $421.72. 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 12-month low of $332.01 and a 12-month high of $587.75. The stock has a market cap of $166.93 billion, a price-to-earnings ratio of 31.59, a PEG ratio of 2.15 and a beta of 1.55.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on ADBE shares. BMO Capital Markets reiterated an “outperform” rating and set a $450.00 price objective on shares of Adobe in a research note on Friday. Oppenheimer reduced their target price on Adobe from $530.00 to $500.00 and set an “outperform” rating on the stock in a report on Friday. Redburn Atlantic started coverage on Adobe in a research report on Wednesday, February 19th. They issued a “neutral” rating for the company. UBS Group increased their target price on Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a research report on Monday, June 9th. Finally, Jefferies Financial Group lowered their price objective on Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Nine research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average price target of $494.67.

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.