Horizon Bancorp Inc. IN Lowers Stock Position in Adobe Inc. (NASDAQ:ADBE)

Horizon Bancorp Inc. IN lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 8.3% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 442 shares of the software company’s stock after selling 40 shares during the quarter. Horizon Bancorp Inc. IN’s holdings in Adobe were worth $197,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Redwood Wealth Management Group LLC boosted its holdings in Adobe by 3.0% in the second quarter. Redwood Wealth Management Group LLC now owns 795 shares of the software company’s stock valued at $442,000 after purchasing an additional 23 shares during the last quarter. Brown Brothers Harriman & Co. raised its holdings in shares of Adobe by 21.3% during the second quarter. Brown Brothers Harriman & Co. now owns 445,458 shares of the software company’s stock worth $247,470,000 after purchasing an additional 78,080 shares during the period. Fairfield Financial Advisors LTD bought a new position in shares of Adobe in the 2nd quarter worth about $165,000. Angeles Investment Advisors LLC grew its position in shares of Adobe by 62.0% during the 2nd quarter. Angeles Investment Advisors LLC now owns 2,526 shares of the software company’s stock valued at $1,403,000 after buying an additional 967 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Adobe by 12.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,702,535 shares of the software company’s stock worth $945,780,000 after acquiring an additional 185,737 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Up 0.6 %

ADBE opened at $408.50 on Tuesday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock’s fifty day simple moving average is $482.55 and its 200 day simple moving average is $516.02. Adobe Inc. has a 1-year low of $403.75 and a 1-year high of $638.25. The stock has a market cap of $179.82 billion, a PE ratio of 32.94, a price-to-earnings-growth ratio of 2.51 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 45.22%. The business had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the prior year, the company posted $3.52 earnings per share. Adobe’s revenue was up 11.1% compared to the same quarter last year. As a group, research analysts expect that Adobe Inc. will post 16.73 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ADBE shares. Oppenheimer dropped their price target on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Sanford C. Bernstein reduced their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Barclays reduced their target price on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 price objective (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Finally, DA Davidson decreased their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $575.85.

Insider Buying and Selling

In other Adobe news, Director Amy Banse sold 606 shares of Adobe stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,763 shares of company stock worth $893,665. 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.