Fiduciary Group LLC Has $897,000 Position in Adobe Inc. (NASDAQ:ADBE)

Fiduciary Group LLC raised its position in Adobe Inc. (NASDAQ:ADBE) by 107.7% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 1,504 shares of the software company’s stock after acquiring an additional 780 shares during the period. Fiduciary Group LLC’s holdings in Adobe were worth $897,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the business. One Charles Private Wealth Services LLC boosted its holdings in Adobe by 2.2% in the third quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock valued at $400,000 after acquiring an additional 17 shares during the last quarter. Invst LLC raised its stake in Adobe by 1.9% during the third quarter. Invst LLC now owns 915 shares of the software company’s stock worth $467,000 after buying an additional 17 shares during the last quarter. Raleigh Capital Management Inc. boosted its position in Adobe by 3.1% during the third quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock valued at $285,000 after acquiring an additional 17 shares during the last quarter. Lantz Financial LLC grew its holdings in Adobe by 2.5% during the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock worth $411,000 after acquiring an additional 17 shares during the period. Finally, B & T Capital Management DBA Alpha Capital Management raised its position in shares of Adobe by 4.3% in the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock worth $249,000 after acquiring an additional 17 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on ADBE shares. HSBC dropped their price target on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research note on Friday, March 15th. Barclays decreased their target price on Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Robert W. Baird cut their price target on Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Finally, Stifel Nicolaus reduced their price target on shares of Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Trading Up 0.3 %

NASDAQ:ADBE opened at $478.79 on Monday. The firm has a 50-day simple moving average of $515.34 and a 200-day simple moving average of $564.66. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25. The firm has a market cap of $214.50 billion, a P/E ratio of 45.66, a P/E/G ratio of 2.59 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the previous year, the firm posted $2.97 earnings per share. Adobe’s revenue for the quarter was up 11.3% compared to the same quarter last year. Equities analysts anticipate that Adobe Inc. will post 14.55 EPS for the current fiscal year.

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

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The shares were 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 owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders have sold a total of 293 shares of company stock worth $137,656 over the last quarter. Insiders own 0.15% of the company’s stock.

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.