Fortitude Family Office LLC Raises Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Fortitude Family Office LLC raised its stake in Adobe Inc. (NASDAQ:ADBE) by 15.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 200 shares of the software company’s stock after purchasing an additional 27 shares during the period. Fortitude Family Office LLC’s holdings in Adobe were worth $89,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in ADBE. Commonwealth Financial Services LLC raised its holdings in shares of Adobe by 3.7% in the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock valued at $309,000 after buying an additional 19 shares during the period. Onyx Bridge Wealth Group LLC grew its position in Adobe by 4.0% in the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock valued at $272,000 after acquiring an additional 20 shares in the last quarter. Connable Office Inc. increased its stake in Adobe by 0.5% during the third quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after purchasing an additional 20 shares during the period. 1ST Source Bank boosted its stake in shares of Adobe by 0.7% in the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after purchasing an additional 20 shares during the period. Finally, Sfmg LLC boosted its stake in shares of Adobe by 3.1% in the second quarter. Sfmg LLC now owns 708 shares of the software company’s stock valued at $393,000 after purchasing an additional 21 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Stifel Nicolaus decreased their price target 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. Mizuho decreased their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Morgan Stanley restated an “overweight” rating and set a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Argus upgraded Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Oppenheimer cut their target price on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $575.85.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the transaction, the executive vice president now owns 18,831 shares in the company, valued at approximately $9,675,744.42. This represents a 7.51 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,293 shares of company stock worth $1,679,809 in the last quarter. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of ADBE opened at $419.58 on Friday. The company’s 50 day simple moving average is $485.54 and its 200-day simple moving average is $517.97. The firm has a market cap of $184.70 billion, a PE ratio of 33.84, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31. Adobe Inc. has a 12-month low of $415.51 and a 12-month high of $638.25. 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 (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The company had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same period last year, the firm posted $3.52 EPS. Adobe’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, equities analysts predict that Adobe Inc. will post 16.73 EPS for the current year.

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.