Hartline Investment Corp Sells 1,359 Shares of Adobe Inc. (NASDAQ:ADBE)

Hartline Investment Corp reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 15.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,449 shares of the software company’s stock after selling 1,359 shares during the quarter. Hartline Investment Corp’s holdings in Adobe were worth $3,312,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. State Street Corp raised its holdings in Adobe by 1.2% in the 3rd quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock valued at $10,495,544,000 after acquiring an additional 234,909 shares during the period. Geode Capital Management LLC raised its holdings in Adobe by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock valued at $5,435,377,000 after acquiring an additional 147,981 shares during the period. FMR LLC raised its holdings in Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after acquiring an additional 787,356 shares during the period. Fisher Asset Management LLC raised its holdings in Adobe by 2.0% in the 3rd quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock valued at $2,516,196,000 after acquiring an additional 93,143 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Adobe by 3.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock valued at $2,455,079,000 after acquiring an additional 140,390 shares during the period. 81.79% of the stock is owned by institutional investors.

Insider Activity

In related news, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction 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 completion of the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,681 shares of company stock valued at $2,525,126. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Barclays decreased their target price on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Oppenheimer decreased their target price on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $475.00 target price (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Bank of America decreased their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Finally, StockNews.com upgraded shares of Adobe from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, January 28th. One analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Price Performance

ADBE stock opened at $451.10 on Tuesday. The company has a fifty day moving average price of $453.92 and a 200-day moving average price of $499.09. The company has a market capitalization of $196.36 billion, a P/E ratio of 36.38, a PEG ratio of 2.11 and a beta of 1.31. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $626.34. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the firm earned $3.52 earnings per share. As a group, equities analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

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.