Foster Victor Wealth Advisors LLC Purchases 10,690 Shares of Adobe Inc. (NASDAQ:ADBE)

Foster Victor Wealth Advisors LLC increased its position in Adobe Inc. (NASDAQ:ADBE) by 26.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 51,651 shares of the software company’s stock after buying an additional 10,690 shares during the quarter. Adobe comprises approximately 1.7% of Foster Victor Wealth Advisors LLC’s holdings, making the stock its 9th largest position. Foster Victor Wealth Advisors LLC’s holdings in Adobe were worth $22,209,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Piscataqua Savings Bank lifted its position in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares during the last quarter. Legacy Investment Solutions LLC acquired a new stake in shares of Adobe during the third quarter worth $26,000. Groupama Asset Managment lifted its holdings in shares of Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after purchasing an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new position in shares of Adobe in the 3rd quarter valued at $30,000. Finally, True Wealth Design LLC increased its stake in Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the sale, the executive vice president now owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Amy Banse sold 606 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,681 shares of company stock valued at $2,525,126 in the last quarter. Insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of analyst reports. Wells Fargo & Company reduced their price objective on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 price objective (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. DA Davidson reduced their target price on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Jefferies Financial Group lowered their price target on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Finally, Royal Bank of Canada lowered their price target on Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Stock Up 0.9 %

Shares of ADBE stock opened at $442.70 on Wednesday. The stock’s 50 day simple moving average is $465.79 and its 200 day simple moving average is $505.60. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $638.25. 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 company has a market capitalization of $192.71 billion, a price-to-earnings ratio of 35.70, a PEG ratio of 2.12 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the firm posted $3.52 earnings per share. As a group, research analysts predict that Adobe Inc. will post 16.65 EPS for the current 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.