Forvis Mazars Wealth Advisors LLC Buys 95 Shares of Adobe Inc. (NASDAQ:ADBE)

Forvis Mazars Wealth Advisors LLC raised its stake in Adobe Inc. (NASDAQ:ADBE) by 1.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,050 shares of the software company’s stock after acquiring an additional 95 shares during the period. Forvis Mazars Wealth Advisors LLC’s holdings in Adobe were worth $3,580,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of ADBE. Swedbank AB increased its holdings in shares of 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 buying an additional 3,739 shares during the last quarter. McAdam LLC increased its holdings in shares of Adobe by 31.4% in the 3rd quarter. McAdam LLC now owns 498 shares of the software company’s stock worth $258,000 after buying an additional 119 shares during the last quarter. Sigma Investment Counselors Inc. increased its holdings in shares of Adobe by 13.1% in the 3rd quarter. Sigma Investment Counselors Inc. now owns 9,495 shares of the software company’s stock worth $4,916,000 after buying an additional 1,097 shares during the last quarter. Legacy Wealth Asset Management LLC increased its holdings in shares of Adobe by 1.4% in the 3rd quarter. Legacy Wealth Asset Management LLC now owns 3,824 shares of the software company’s stock worth $1,980,000 after buying an additional 51 shares during the last quarter. Finally, Signet Investment Advisory Group Inc. boosted its stake in shares of Adobe by 98.5% during the 3rd quarter. Signet Investment Advisory Group Inc. now owns 8,363 shares of the software company’s stock worth $4,330,000 after purchasing an additional 4,150 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Adobe Price Performance

Shares of ADBE opened at $444.32 on Friday. The company has a 50 day moving average price of $440.46 and a 200-day moving average price of $494.02. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $587.75. The stock has a market capitalization of $193.41 billion, a PE ratio of 35.83, a PEG ratio of 2.20 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data 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 during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. Adobe’s revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.52 EPS. Equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 922 shares of the business’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the transaction, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. The trade was a 4.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Amy Banse sold 606 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock worth $2,525,126 in the last 90 days. 0.15% of the stock is owned by corporate insiders.

Analyst Ratings Changes

ADBE has been the subject of a number of recent analyst reports. Sanford C. Bernstein dropped their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Oppenheimer dropped their price target on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. BMO Capital Markets dropped their price target on shares of Adobe from $570.00 to $515.00 and set an “outperform” rating for the company in a research note on Wednesday. Piper Sandler dropped their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Finally, Citigroup dropped their price target on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research note on Monday, December 9th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $570.88.

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.