Foster Victor Wealth Advisors LLC lifted its holdings in shares of Adobe Inc (NASDAQ:ADBE) by 102.5% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 7,643 shares of the software company’s stock after purchasing an additional 3,868 shares during the period. Adobe accounts for about 1.2% of Foster Victor Wealth Advisors LLC’s portfolio, making the stock its 25th largest position. Foster Victor Wealth Advisors LLC’s holdings in Adobe were worth $2,116,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in ADBE. Marquette Asset Management LLC lifted its stake in shares of Adobe by 114.3% during the second quarter. Marquette Asset Management LLC now owns 90 shares of the software company’s stock valued at $27,000 after acquiring an additional 48 shares during the period. JNBA Financial Advisors lifted its stake in shares of Adobe by 666.7% during the second quarter. JNBA Financial Advisors now owns 92 shares of the software company’s stock valued at $27,000 after acquiring an additional 80 shares during the period. Manchester Financial Inc. acquired a new position in shares of Adobe during the second quarter valued at $28,000. Ellis Investment Partners LLC acquired a new position in Adobe in the second quarter valued at about $30,000. Finally, Resources Investment Advisors LLC. lifted its stake in Adobe by 94.3% in the second quarter. Resources Investment Advisors LLC. now owns 103 shares of the software company’s stock valued at $30,000 after buying an additional 50 shares during the period. Institutional investors own 86.27% of the company’s stock.
Shares of NASDAQ ADBE traded up $3.31 during mid-day trading on Friday, reaching $278.29. 1,586,466 shares of the company’s stock were exchanged, compared to its average volume of 3,401,741. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $131.10 billion, a price-to-earnings ratio of 50.14, a PEG ratio of 2.61 and a beta of 1.09. Adobe Inc has a twelve month low of $204.95 and a twelve month high of $313.11. The business has a fifty day simple moving average of $279.82 and a 200 day simple moving average of $283.45.
Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, September 17th. The software company reported $2.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.97 by $0.08. The business had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.82 billion. Adobe had a return on equity of 30.49% and a net margin of 26.10%. Adobe’s quarterly revenue was up 23.7% on a year-over-year basis. During the same period last year, the company earned $1.73 earnings per share. Equities research analysts predict that Adobe Inc will post 6.38 earnings per share for the current fiscal year.
Several research firms have weighed in on ADBE. KeyCorp reissued a “hold” rating on shares of Adobe in a research note on Wednesday, June 19th. BidaskClub lowered Adobe from a “hold” rating to a “sell” rating in a research note on Wednesday, September 11th. Nomura cut their target price on Adobe from $315.00 to $310.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Canaccord Genuity set a $320.00 target price on Adobe and gave the company a “buy” rating in a research note on Wednesday, September 18th. Finally, Royal Bank of Canada cut their target price on Adobe from $320.00 to $315.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $302.65.
In related news, EVP Dana Rao sold 2,832 shares of the stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $303.36, for a total transaction of $859,115.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ann Lewnes sold 3,000 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $289.32, for a total value of $867,960.00. Following the transaction, the executive vice president now owns 55,198 shares of the company’s stock, valued at $15,969,885.36. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 11,832 shares of company stock valued at $3,471,486. 0.32% of the stock is owned by corporate insiders.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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