Fortitude Family Office LLC Acquires 27 Shares of Adobe Inc. (NASDAQ:ADBE)

Fortitude Family Office LLC increased its stake in Adobe Inc. (NASDAQ:ADBE) by 15.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 200 shares of the software company’s stock after purchasing an additional 27 shares during the quarter. Fortitude Family Office LLC’s holdings in Adobe were worth $89,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. International Assets Investment Management LLC lifted its position in shares of Adobe by 66,909.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after buying an additional 1,376,333 shares in the last quarter. Longview Partners Guernsey LTD purchased a new position in Adobe during the second quarter valued at approximately $663,745,000. FMR LLC lifted its holdings in Adobe by 8.8% during the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after purchasing an additional 787,356 shares in the last quarter. Mercer Global Advisors Inc. ADV boosted its position in shares of Adobe by 982.4% in the second quarter. Mercer Global Advisors Inc. ADV now owns 541,670 shares of the software company’s stock worth $300,919,000 after purchasing an additional 491,627 shares during the period. Finally, Erste Asset Management GmbH bought a new stake in shares of Adobe during the 3rd quarter valued at $126,703,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. UBS Group dropped their price objective on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research note on Friday, January 3rd. Jefferies Financial Group decreased their price target on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Mizuho cut their price objective on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Wells Fargo & Company decreased their target price on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research report on Tuesday. Finally, Sanford C. Bernstein dropped their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $575.85.

Insider Activity

In other Adobe news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. The trade was a 2.58 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,293 shares of company stock valued at $1,679,809. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Performance

ADBE stock opened at $419.58 on Friday. The firm has a market cap of $184.70 billion, a price-to-earnings ratio of 33.84, a PEG ratio of 2.51 and a beta of 1.31. Adobe Inc. has a twelve month low of $415.51 and a twelve month high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The business’s fifty day simple moving average is $485.54 and its two-hundred day simple moving average is $517.97.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results 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 company had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The firm’s revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the firm posted $3.52 EPS. Analysts predict that Adobe Inc. will post 16.73 earnings per share for the current year.

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.