Harbor Capital Advisors Inc. Acquires 173 Shares of Adobe Inc. (NASDAQ:ADBE)

Harbor Capital Advisors Inc. boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 3.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,835 shares of the software company’s stock after purchasing an additional 173 shares during the period. Harbor Capital Advisors Inc.’s holdings in Adobe were worth $2,595,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the stock. Piscataqua Savings Bank raised its position in shares of Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares during the last quarter. Legacy Investment Solutions LLC bought a new position in shares of Adobe in the 3rd quarter worth about $26,000. Groupama Asset Managment lifted its stake in Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after buying an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. acquired a new position in shares of Adobe during the 3rd quarter valued at $30,000. Finally, True Wealth Design LLC grew its holdings in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares during the period. 81.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Citigroup decreased their price target on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. Mizuho cut their price target on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Oppenheimer decreased their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and cut their target price for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. Finally, Royal Bank of Canada reduced their price target on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $575.85.

Adobe Trading Down 3.3 %

Shares of ADBE stock opened at $405.92 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a market cap of $178.69 billion, a P/E ratio of 32.74, a PEG ratio of 2.51 and a beta of 1.31. The company has a 50 day moving average of $484.01 and a 200-day moving average of $517.08. Adobe Inc. has a 12-month low of $405.32 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The company’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the business earned $3.52 earnings per share. Sell-side analysts anticipate that Adobe Inc. will post 16.73 earnings per share for the current year.

Insider Transactions at Adobe

In related news, Director Amy Banse sold 606 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,293 shares of company stock valued at $1,679,809 over the last three months. Company insiders own 0.15% of the company’s stock.

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.