Hartford Investment Management Co. Has $14.45 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Hartford Investment Management Co. lowered its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.8% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 27,902 shares of the software company’s stock after selling 795 shares during the quarter. Hartford Investment Management Co.’s holdings in Adobe were worth $14,447,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Piscataqua Savings Bank increased its stake in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares during the period. Tradewinds Capital Management LLC raised its stake in shares of Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares in the last quarter. Salomon & Ludwin LLC lifted its position in Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the period. Summit Securities Group LLC acquired a new stake in Adobe during the second quarter worth $33,000. Finally, Lynx Investment Advisory bought a new stake in Adobe in the 2nd quarter valued at $39,000. 81.79% of the stock is owned by institutional investors.

Adobe Trading Down 0.8 %

Shares of ADBE stock traded down $4.12 on Wednesday, reaching $488.99. The company had a trading volume of 112,872 shares, compared to its average volume of 3,190,151. The stock has a market cap of $216.82 billion, a PE ratio of 44.30, a PEG ratio of 2.55 and a beta of 1.29. The company has a 50-day moving average of $533.94 and a 200-day moving average of $516.05. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the prior year, the firm earned $3.26 earnings per share. The business’s quarterly revenue was up 10.6% on a year-over-year basis. On average, equities analysts forecast that Adobe Inc. will post 14.8 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on ADBE shares. Stifel Nicolaus lifted their target price on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Piper Sandler Companies restated an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, July 12th. Argus upgraded Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Finally, Bank of America reissued a “buy” rating and set a $640.00 price objective on shares of Adobe in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $258,297.00. Following the transaction, the executive vice president now owns 19,658 shares in the company, valued at $10,556,346. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the transaction, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,501,989. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 33,608 shares of company stock worth $17,486,391. Corporate insiders own 0.15% of the company’s stock.

Adobe 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.