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

Fiduciary Group LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 15.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,146 shares of the software company’s stock after purchasing an additional 701 shares during the quarter. Fiduciary Group LLC’s holdings in Adobe were worth $2,288,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Swedbank AB increased its stake in Adobe by 0.3% in the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after acquiring an additional 3,739 shares during the last quarter. United Bank increased its stake in Adobe by 19.7% in the 3rd quarter. United Bank now owns 2,596 shares of the software company’s stock worth $1,344,000 after acquiring an additional 428 shares during the last quarter. Quest Partners LLC increased its stake in Adobe by 322.1% in the 3rd quarter. Quest Partners LLC now owns 2,482 shares of the software company’s stock worth $1,285,000 after acquiring an additional 1,894 shares during the last quarter. Meeder Asset Management Inc. increased its stake in Adobe by 31.3% in the 3rd quarter. Meeder Asset Management Inc. now owns 256 shares of the software company’s stock worth $133,000 after acquiring an additional 61 shares during the last quarter. Finally, BIP Wealth LLC increased its stake in Adobe by 8.5% in the 3rd quarter. BIP Wealth LLC now owns 1,211 shares of the software company’s stock worth $627,000 after acquiring an additional 95 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 3,819 shares of the stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David A. Ricks bought 2,250 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The stock was purchased at an average cost of $443.98 per share, with a total value of $998,955.00. Following the transaction, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders sold 5,075 shares of company stock valued at $2,191,826. Corporate insiders own 0.16% of the company’s stock.

Adobe Trading Down 0.9 %

ADBE opened at $387.89 on Thursday. The business has a 50 day simple moving average of $435.13 and a two-hundred day simple moving average of $478.38. The firm has a market capitalization of $168.89 billion, a price-to-earnings ratio of 31.28, a PEG ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a one year low of $374.50 and a one year high of $587.75.

Adobe (NASDAQ:ADBE) last released 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. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the company posted $4.48 EPS. Analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. StockNews.com lowered Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. Bank of America cut their price objective on Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a report on Thursday, March 13th. UBS Group set a $495.00 price objective on Adobe in a report on Thursday, March 13th. Mizuho cut their price objective on Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Finally, Oppenheimer cut their price objective on Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $538.80.

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.