Kavar Capital Partners Group LLC Invests $2.80 Million in Adobe Inc. (NASDAQ:ADBE)

Kavar Capital Partners Group LLC bought a new stake in Adobe Inc. (NASDAQ:ADBE) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 6,290 shares of the software company’s stock, valued at approximately $2,797,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. United Asset Strategies Inc. raised its holdings in shares of Adobe by 3.2% in the 4th quarter. United Asset Strategies Inc. now owns 33,188 shares of the software company’s stock valued at $14,758,000 after buying an additional 1,030 shares during the period. Cornerstone Wealth Group LLC grew its position in Adobe by 518.5% in the 4th quarter. Cornerstone Wealth Group LLC now owns 7,589 shares of the software company’s stock valued at $3,375,000 after acquiring an additional 6,362 shares in the last quarter. Union Bancaire Privee UBP SA acquired a new stake in shares of Adobe during the fourth quarter worth about $76,712,000. Apexium Financial LP boosted its stake in shares of Adobe by 3.7% in the fourth quarter. Apexium Financial LP now owns 2,739 shares of the software company’s stock valued at $1,218,000 after purchasing an additional 98 shares during the period. Finally, Capital Asset Advisory Services LLC grew its holdings in shares of Adobe by 2.8% in the fourth quarter. Capital Asset Advisory Services LLC now owns 2,826 shares of the software company’s stock valued at $1,217,000 after purchasing an additional 78 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of ADBE opened at $435.38 on Monday. 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 Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $638.25. The firm has a 50-day simple moving average of $468.14 and a 200-day simple moving average of $507.26. The company has a market capitalization of $189.52 billion, a price-to-earnings ratio of 35.11, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period last year, the firm earned $3.52 EPS. On average, equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Amy Banse sold 606 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several research reports. Barclays dropped their price target on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Piper Sandler cut their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. UBS Group decreased 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. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and cut their target price for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. Finally, Wells Fargo & Company reduced their target price on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

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.