Highland Capital Management LLC Grows Stake in Adobe Inc (ADBE)

Highland Capital Management LLC lifted its position in shares of Adobe Inc (NASDAQ:ADBE) by 6.6% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 9,762 shares of the software company’s stock after buying an additional 607 shares during the quarter. Highland Capital Management LLC’s holdings in Adobe were worth $2,601,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in ADBE. Liberty Wealth Management LLC acquired a new position in shares of Adobe during the 4th quarter valued at about $30,000. Canton Hathaway LLC acquired a new position in shares of Adobe during the 1st quarter valued at about $35,000. Barnett & Company Inc. acquired a new position in shares of Adobe during the 4th quarter valued at about $32,000. Ruggie Capital Group acquired a new position in shares of Adobe during the 4th quarter valued at about $33,000. Finally, Legacy Advisors LLC acquired a new position in shares of Adobe during the 1st quarter valued at about $39,000. 86.69% of the stock is owned by institutional investors and hedge funds.

A number of research analysts have recently commented on the stock. Robert W. Baird upped their price objective on shares of Adobe from $290.00 to $300.00 and gave the company an “outperform” rating in a research note on Friday, March 15th. Cowen downgraded shares of Adobe from an “outperform” rating to a “market perform” rating and set a $280.00 price objective for the company. in a research note on Friday, February 15th. ValuEngine raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Tuesday, January 15th. BidaskClub raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Tuesday, March 26th. Finally, Zacks Investment Research downgraded shares of Adobe from a “hold” rating to a “sell” rating in a research note on Tuesday, February 12th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and nineteen have issued a buy rating to the stock. Adobe has a consensus rating of “Buy” and an average price target of $285.56.

In other Adobe news, EVP Matthew Thompson sold 41,560 shares of the company’s stock in a transaction that occurred on Monday, January 28th. The stock was sold at an average price of $245.23, for a total value of $10,191,758.80. Following the completion of the transaction, the executive vice president now owns 63,087 shares in the company, valued at approximately $15,470,825.01. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CMO Ann Lewnes sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $272.18, for a total value of $816,540.00. Following the completion of the transaction, the chief marketing officer now owns 64,458 shares of the company’s stock, valued at approximately $17,544,178.44. The disclosure for this sale can be found here. In the last 90 days, insiders sold 287,330 shares of company stock valued at $71,134,520. 0.32% of the stock is owned by company insiders.

Shares of NASDAQ:ADBE opened at $270.57 on Friday. The stock has a market cap of $132.02 billion, a PE ratio of 48.75, a PEG ratio of 2.64 and a beta of 1.10. Adobe Inc has a 1 year low of $204.95 and a 1 year high of $277.61. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.97 and a quick ratio of 0.97.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 14th. The software company reported $1.37 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.62 by ($0.25). The company had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $2.55 billion. Adobe had a return on equity of 30.60% and a net margin of 28.08%. The firm’s revenue was up 24.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.55 EPS. As a group, sell-side analysts forecast that Adobe Inc will post 6.24 EPS for the current year.

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About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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