Hendley & Co. Inc. Raises Holdings in Adobe Inc. (NASDAQ:ADBE)

Hendley & Co. Inc. grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 30.6% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 11,678 shares of the software company’s stock after acquiring an additional 2,737 shares during the quarter. Adobe comprises approximately 1.8% of Hendley & Co. Inc.’s holdings, making the stock its 17th largest holding. Hendley & Co. Inc.’s holdings in Adobe were worth $5,193,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Legacy Investment Solutions LLC bought a new stake in shares of Adobe in the 3rd quarter valued at approximately $26,000. MidAtlantic Capital Management Inc. bought a new position in shares of Adobe during the 3rd quarter valued at approximately $30,000. True Wealth Design LLC raised its holdings in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 34 shares during the period. Briaud Financial Planning Inc bought a new stake in Adobe in the third quarter worth $36,000. Finally, Decker Retirement Planning Inc. purchased a new position in Adobe during the fourth quarter worth $31,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the topic of several recent analyst reports. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Piper Sandler reduced their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and dropped their target price for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. DA Davidson cut their target price on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and set a $475.00 price target (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $570.88.

Insider Buying and Selling at Adobe

In related news, CAO Jillian Forusz sold 334 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction that occurred 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 completion of the sale, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock worth $2,525,126 over the last three months. Corporate insiders own 0.15% of the company’s stock.

Adobe Trading Up 0.0 %

Shares of NASDAQ ADBE opened at $444.42 on Tuesday. The business has a fifty day moving average price of $440.12 and a 200 day moving average price of $493.28. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The stock has a market capitalization of $193.46 billion, a P/E ratio of 35.84, a price-to-earnings-growth ratio of 2.15 and a beta of 1.31.

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

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.