Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Fortis Capital Management LLC

Fortis Capital Management LLC raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 4.5% during the fourth quarter, Holdings Channel.com reports. The firm owned 9,586 shares of the software company’s stock after purchasing an additional 412 shares during the quarter. Fortis Capital Management LLC’s holdings in Adobe were worth $4,263,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ADBE. KLP Kapitalforvaltning AS acquired a new position in shares of Adobe during the 4th quarter worth $81,293,000. Umpqua Bank boosted its holdings in Adobe by 5.0% during the fourth quarter. Umpqua Bank now owns 3,218 shares of the software company’s stock worth $1,328,000 after buying an additional 152 shares in the last quarter. Hillsdale Investment Management Inc. grew its position in Adobe by 34.8% during the fourth quarter. Hillsdale Investment Management Inc. now owns 3,718 shares of the software company’s stock worth $1,653,000 after buying an additional 960 shares during the period. Sfmg LLC increased its holdings in Adobe by 1,432.7% in the fourth quarter. Sfmg LLC now owns 11,250 shares of the software company’s stock valued at $5,003,000 after buying an additional 10,516 shares in the last quarter. Finally, Intellus Advisors LLC acquired a new stake in shares of Adobe during the 4th quarter valued at approximately $799,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ADBE. TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and dropped their price objective for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. BMO Capital Markets cut their price target on Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Morgan Stanley lowered their price objective on shares of Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. DA Davidson cut their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Finally, Stifel Nicolaus lowered their price target on shares of Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $538.80.

Adobe Stock Down 0.6 %

Shares of NASDAQ ADBE opened at $387.26 on Friday. The stock has a market capitalization of $168.62 billion, a PE ratio of 31.23, a P/E/G ratio of 2.15 and a beta of 1.37. 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 firm has a fifty day moving average of $434.16 and a 200-day moving average of $475.80. 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 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the previous year, the business earned $4.48 earnings per share. On average, analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Insider Buying and Selling

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of the company’s stock in a transaction dated Thursday, March 20th. The stock was bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. The trade was a 4.55 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David A. Ricks bought 2,250 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The shares were acquired at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the acquisition, 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. 0.16% of the stock is currently owned by corporate insiders.

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.