Hexagon Capital Partners LLC Buys 447 Shares of Adobe Inc. (NASDAQ:ADBE)

Hexagon Capital Partners LLC lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 176.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 700 shares of the software company’s stock after acquiring an additional 447 shares during the quarter. Hexagon Capital Partners LLC’s holdings in Adobe were worth $418,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. HBC Financial Services PLLC acquired a new stake in shares of Adobe during the third quarter worth about $25,000. Wetzel Investment Advisors Inc. acquired a new stake in shares of Adobe in the fourth quarter valued at approximately $35,000. BluePath Capital Management LLC bought a new stake in shares of Adobe in the third quarter worth $39,000. Hanseatic Management Services Inc. bought a new position in Adobe in the third quarter valued at $45,000. Finally, Hoey Investments Inc. increased its stake in Adobe by 526.7% in the 3rd quarter. Hoey Investments Inc. now owns 94 shares of the software company’s stock valued at $48,000 after buying an additional 79 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Up 0.0 %

ADBE traded up $0.21 during midday trading on Wednesday, reaching $463.04. 407,846 shares of the company were exchanged, compared to its average volume of 3,449,735. The company’s fifty day moving average price is $512.29 and its 200 day moving average price is $563.44. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The company has a market cap of $207.44 billion, a price-to-earnings ratio of 44.25, a price-to-earnings-growth ratio of 2.56 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period last year, the business earned $2.97 EPS. The business’s revenue was up 11.3% on a year-over-year basis. As a group, analysts expect that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its board has initiated a stock repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on ADBE shares. TD Cowen decreased their price objective on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a report on Friday, March 15th. Wells Fargo & Company cut their price objective on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Royal Bank of Canada reiterated an “outperform” rating and issued a $630.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Piper Sandler Companies decreased their price objective on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $660.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Insiders Place Their Bets

In other Adobe news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. Insiders have sold a total of 293 shares of company stock valued at $137,656 in the last 90 days. 0.15% of the stock is currently owned by corporate insiders.

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.