Adobe Inc. (NASDAQ:ADBE) Stock Position Raised by Fortis Capital Advisors LLC

Fortis Capital Advisors LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 225.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,454 shares of the software company’s stock after acquiring an additional 1,699 shares during the quarter. Adobe accounts for 0.8% of Fortis Capital Advisors LLC’s portfolio, making the stock its 24th largest holding. Fortis Capital Advisors LLC’s holdings in Adobe were worth $1,464,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of ADBE. Norges Bank purchased a new stake in shares of Adobe in the fourth quarter valued at $3,277,785,000. Concentrum Wealth Management lifted its holdings in shares of Adobe by 17,006.8% in the third quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after purchasing an additional 2,148,978 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Adobe in the fourth quarter valued at $875,592,000. Invesco Ltd. lifted its holdings in shares of Adobe by 25.1% in the third quarter. Invesco Ltd. now owns 4,438,805 shares of the software company’s stock valued at $2,263,347,000 after purchasing an additional 889,607 shares in the last quarter. Finally, Alkeon Capital Management LLC purchased a new stake in shares of Adobe in the third quarter valued at $152,970,000. 81.79% of the stock is owned by institutional investors.

Adobe Price Performance

ADBE traded down $7.88 during midday trading on Friday, reaching $475.43. 3,085,605 shares of the company’s stock were exchanged, compared to its average volume of 2,563,092. The firm has a market capitalization of $212.99 billion, a price-to-earnings ratio of 45.45, a price-to-earnings-growth ratio of 2.57 and a beta of 1.28. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a one year low of $374.09 and a one year high of $638.25. The business has a 50-day simple moving average of $486.80 and a two-hundred day simple moving average of $555.49.

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

Adobe declared that its board has authorized a stock repurchase program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now owns 21,114 shares in the company, valued at $10,014,370.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now owns 21,114 shares in the company, valued at $10,014,370.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred 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 owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,006 shares of company stock worth $1,424,432. Insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of research analyst reports. Robert W. Baird reduced their target price on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Oppenheimer reiterated an “outperform” rating and set a $660.00 price objective on shares of Adobe in a report on Wednesday, March 27th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. UBS Group cut their price objective on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Finally, Wells Fargo & Company cut their price objective on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $620.72.

Adobe Company 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.