Fortis Capital Advisors LLC Decreases Holdings in Adobe Inc. (NASDAQ:ADBE)

Fortis Capital Advisors LLC decreased its holdings in Adobe Inc. (NASDAQ:ADBE) by 7.1% in the fourth quarter, Holdings Channel.com reports. The firm owned 670 shares of the software company’s stock after selling 51 shares during the period. Fortis Capital Advisors LLC’s holdings in Adobe were worth $298,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Nordea Investment Management AB boosted its position in Adobe by 2.0% during the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after buying an additional 33,414 shares during the period. Arizona State Retirement System lifted its stake in shares of Adobe by 0.4% in the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock valued at $56,784,000 after acquiring an additional 570 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Adobe by 1.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock valued at $44,090,000 after acquiring an additional 1,326 shares during the period. M. Kraus & Co bought a new position in Adobe during the 4th quarter worth approximately $3,285,000. Finally, Silicon Valley Capital Partners increased its stake in Adobe by 4.1% in the 4th quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company’s stock worth $2,656,000 after purchasing an additional 236 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction on Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 922 shares of the business’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the transaction, the executive vice president now owns 22,153 shares of the company’s stock, valued at $9,687,063.84. This represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,075 shares of company stock worth $2,191,826 in the last quarter. Corporate insiders own 0.16% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ADBE. Stifel Nicolaus dropped their price objective on Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a research note on Thursday, March 13th. Bank of America dropped their price target on shares of Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. BMO Capital Markets decreased their price objective on shares of Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Mizuho dropped their target price on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Finally, Morgan Stanley reduced their price target on Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $527.12.

Adobe Price Performance

ADBE stock opened at $352.47 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The firm has a market capitalization of $150.22 billion, a price-to-earnings ratio of 28.43, a PEG ratio of 2.15 and a beta of 1.49. The firm has a 50 day moving average price of $413.00 and a 200-day moving average price of $455.70. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter in the previous year, the business earned $4.48 earnings per share. Equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.