Fairvoy Private Wealth LLC Buys Shares of 5,027 Adobe Inc. (NASDAQ:ADBE)

Fairvoy Private Wealth LLC bought a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the fourth quarter, HoldingsChannel.com reports. The firm bought 5,027 shares of the software company’s stock, valued at approximately $2,235,000.

Several other institutional investors also recently modified their holdings of ADBE. William Allan Corp increased its position in shares of Adobe by 29.0% in the 4th quarter. William Allan Corp now owns 6,810 shares of the software company’s stock valued at $3,028,000 after buying an additional 1,530 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in shares of Adobe by 4.3% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 76,311 shares of the software company’s stock worth $33,934,000 after acquiring an additional 3,142 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Adobe by 5.5% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,386,429 shares of the software company’s stock valued at $616,517,000 after purchasing an additional 72,195 shares during the period. Strategic Financial Concepts LLC bought a new stake in shares of Adobe in the fourth quarter valued at about $24,927,000. Finally, 1900 Wealth Management LLC boosted its position in shares of Adobe by 4.9% during the fourth quarter. 1900 Wealth Management LLC now owns 1,584 shares of the software company’s stock worth $704,000 after buying an additional 74 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Amy Banse sold 606 shares of the company’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 transaction of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David A. Ricks bought 2,250 shares of the business’s stock in a transaction on Tuesday, January 28th. The stock was bought at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the transaction, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 5,681 shares of company stock worth $2,525,126. Insiders own 0.15% of the company’s stock.

Adobe Stock Down 0.5 %

Shares of ADBE opened at $435.40 on Friday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $189.53 billion, a PE ratio of 35.11, a P/E/G ratio of 2.12 and a beta of 1.31. The firm’s 50 day moving average is $457.14 and its 200-day moving average is $500.93. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $628.07.

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

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on ADBE shares. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Royal Bank of Canada reduced their target price on shares of Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Barclays lowered their price target on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Jefferies Financial Group decreased their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Finally, BMO Capital Markets dropped their target price on Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $573.00.

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.