Forza Wealth Management LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 6.5% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 637 shares of the software company’s stock after acquiring an additional 39 shares during the period. Forza Wealth Management LLC’s holdings in Adobe were worth $283,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also bought and sold shares of ADBE. Cooper Financial Group increased its stake in shares of Adobe by 12.1% in the fourth quarter. Cooper Financial Group now owns 3,634 shares of the software company’s stock valued at $1,616,000 after buying an additional 393 shares during the period. Kieckhefer Group LLC acquired a new position in Adobe in the 4th quarter valued at approximately $44,000. Trust Co. of Toledo NA OH raised its stake in shares of Adobe by 3.3% during the fourth quarter. Trust Co. of Toledo NA OH now owns 3,350 shares of the software company’s stock valued at $1,490,000 after acquiring an additional 106 shares during the last quarter. Fiduciary Alliance LLC raised its stake in shares of Adobe by 240.3% during the fourth quarter. Fiduciary Alliance LLC now owns 1,984 shares of the software company’s stock valued at $882,000 after acquiring an additional 1,401 shares during the last quarter. Finally, Eastover Investment Advisors LLC lifted its holdings in shares of Adobe by 1.7% during the fourth quarter. Eastover Investment Advisors LLC now owns 3,548 shares of the software company’s stock worth $1,578,000 after purchasing an additional 60 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.
Insider Buying and Selling at Adobe
In related news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Amy Banse sold 606 shares of the firm’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 3,293 shares of company stock worth $1,679,809 in the last quarter. 0.15% of the stock is currently owned by company insiders.
Adobe Stock Up 0.4 %
Adobe (NASDAQ:ADBE – Get Free Report) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter last year, the firm earned $3.52 EPS. On average, equities analysts forecast that Adobe Inc. will post 16.73 EPS for the current year.
Analyst Upgrades and Downgrades
A number of analysts recently weighed in on ADBE shares. TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and decreased their price objective for the company from $625.00 to $550.00 in a report on Thursday, December 12th. StockNews.com raised Adobe from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 18th. Argus raised shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Barclays dropped their price target on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Finally, Stifel Nicolaus decreased their price objective on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $575.85.
Get Our Latest Analysis on ADBE
About Adobe
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.
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