Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Fidelis Capital Partners LLC

Fidelis Capital Partners LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 41.6% in the 4th quarter, HoldingsChannel reports. The firm owned 3,839 shares of the software company’s stock after acquiring an additional 1,128 shares during the quarter. Fidelis Capital Partners LLC’s holdings in Adobe were worth $2,290,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Rockland Trust Co. boosted its position in Adobe by 4.1% during the third quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock worth $564,000 after acquiring an additional 44 shares during the last quarter. Mainsail Financial Group LLC boosted its position in Adobe by 9.6% during the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after acquiring an additional 184 shares during the last quarter. Team Hewins LLC acquired a new position in Adobe in the 3rd quarter valued at about $4,141,000. Guinness Asset Management LTD boosted its holdings in Adobe by 5.9% in the 3rd quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock valued at $22,734,000 after purchasing an additional 2,499 shares during the last quarter. Finally, Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD boosted its holdings in Adobe by 36.7% in the 3rd quarter. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD now owns 6,969 shares of the software company’s stock valued at $3,544,000 after purchasing an additional 1,871 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. JPMorgan Chase & Co. decreased their target price on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. HSBC decreased their target price on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a report on Friday, March 15th. Evercore ISI reissued an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Barclays cut their target price on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Finally, Bank of America dropped their price objective on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Stock Down 0.3 %

Shares of Adobe stock traded down $1.27 on Thursday, reaching $473.18. 2,389,327 shares of the company were exchanged, compared to its average volume of 3,575,996. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $211.98 billion, a price-to-earnings ratio of 45.24, a PEG ratio of 2.58 and a beta of 1.28. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The company has a 50-day moving average of $533.19 and a 200 day moving average of $566.97.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period in the previous year, the firm earned $2.97 EPS. The firm’s revenue was up 11.3% compared to the same quarter last year. On average, equities research analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its Board of Directors has initiated a stock buyback plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to purchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at $2,495,528.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. Insiders sold a total of 3,075 shares of company stock worth $1,848,418 in the last ninety days. 0.15% of the stock is owned by insiders.

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.