Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Empowered Funds LLC

Empowered Funds LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 22.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,391 shares of the software company’s stock after purchasing an additional 2,853 shares during the period. Empowered Funds LLC’s holdings in Adobe were worth $6,844,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of ADBE. Sound Income Strategies LLC increased its stake in Adobe by 27.1% in the third quarter. Sound Income Strategies LLC now owns 253 shares of the software company’s stock valued at $131,000 after purchasing an additional 54 shares during the last quarter. Martin Capital Advisors LLP boosted its holdings in shares of Adobe by 1.7% in the 3rd quarter. Martin Capital Advisors LLP now owns 2,126 shares of the software company’s stock valued at $1,101,000 after buying an additional 36 shares in the last quarter. Willis Investment Counsel grew its position in shares of Adobe by 2.7% in the 3rd quarter. Willis Investment Counsel now owns 15,903 shares of the software company’s stock valued at $8,234,000 after buying an additional 416 shares during the last quarter. Redhawk Wealth Advisors Inc. raised its stake in Adobe by 5.1% during the 3rd quarter. Redhawk Wealth Advisors Inc. now owns 511 shares of the software company’s stock worth $265,000 after acquiring an additional 25 shares in the last quarter. Finally, Smith Chas P & Associates PA Cpas lifted its position in Adobe by 2.5% in the third quarter. Smith Chas P & Associates PA Cpas now owns 1,300 shares of the software company’s stock valued at $673,000 after acquiring an additional 32 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $451.10 on Tuesday. The firm has a market capitalization of $196.36 billion, a price-to-earnings ratio of 36.38, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The business’s 50 day simple moving average is $453.92 and its 200-day simple moving average is $499.09. Adobe Inc. has a 12 month low of $403.75 and a 12 month high of $626.34.

Adobe (NASDAQ:ADBE) last posted its 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 the consensus estimate of $5.54 billion. During the same period in the previous year, the business earned $3.52 earnings per share. Adobe’s quarterly revenue was up 11.1% compared to the same quarter last year. As a group, equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on ADBE shares. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Barclays cut their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. BMO Capital Markets decreased their price objective on Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Bank of America cut their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Finally, UBS Group decreased their price target on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research note on Friday, January 3rd. One analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $573.00.

Insider Buying and Selling at Adobe

In related news, CAO Jillian Forusz sold 334 shares of the stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Amy Banse sold 606 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $18,110,950. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is owned by corporate insiders.

Adobe Company 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.