Fiduciary Group LLC Buys 701 Shares of Adobe Inc. (NASDAQ:ADBE)

Fiduciary Group LLC boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 15.8% in the fourth quarter, Holdings Channel reports. The institutional investor owned 5,146 shares of the software company’s stock after purchasing an additional 701 shares during the period. Fiduciary Group LLC’s holdings in Adobe were worth $2,288,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ADBE. Swedbank AB increased its position in Adobe by 0.3% during the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after buying an additional 3,739 shares in the last quarter. United Bank boosted its stake in Adobe by 19.7% during the 3rd quarter. United Bank now owns 2,596 shares of the software company’s stock valued at $1,344,000 after purchasing an additional 428 shares during the last quarter. Quest Partners LLC boosted its stake in Adobe by 322.1% during the 3rd quarter. Quest Partners LLC now owns 2,482 shares of the software company’s stock valued at $1,285,000 after purchasing an additional 1,894 shares during the last quarter. Meeder Asset Management Inc. boosted its stake in Adobe by 31.3% during the 3rd quarter. Meeder Asset Management Inc. now owns 256 shares of the software company’s stock valued at $133,000 after purchasing an additional 61 shares during the last quarter. Finally, BIP Wealth LLC boosted its stake in Adobe by 8.5% during the 3rd quarter. BIP Wealth LLC now owns 1,211 shares of the software company’s stock valued at $627,000 after purchasing an additional 95 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on ADBE. Royal Bank of Canada reiterated an “outperform” rating and set a $530.00 target price on shares of Adobe in a research note on Wednesday. Piper Sandler cut their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Jefferies Financial Group cut their target price on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Citigroup dropped their price target on Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research note on Monday, March 10th. Finally, KeyCorp dropped their price target on Adobe from $450.00 to $390.00 and set an “underweight” rating on the stock in a research note on Thursday, March 13th. One analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $538.80.

Insider Transactions at Adobe

In other news, Director David A. Ricks bought 2,250 shares of Adobe stock in a transaction dated Tuesday, January 28th. The shares were purchased at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of the acquisition, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. This trade represents a 82.30 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the sale, the executive vice president now directly owns 22,153 shares in the company, valued at $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by insiders.

Adobe Price Performance

NASDAQ:ADBE opened at $387.89 on Thursday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The business’s 50-day simple moving average is $435.13 and its two-hundred day simple moving average is $478.38. The stock has a market cap of $168.89 billion, a PE ratio of 31.28, a P/E/G ratio of 2.15 and a beta of 1.37. Adobe Inc. has a 52 week low of $374.50 and a 52 week high of $587.75.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period last year, the firm earned $4.48 earnings per share. As a group, analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.