Strategic Financial Concepts LLC Takes Position in Adobe Inc. (NASDAQ:ADBE)

Strategic Financial Concepts LLC purchased a new stake in shares of Adobe Inc. (NASDAQ:ADBE) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 56,057 shares of the software company’s stock, valued at approximately $24,927,000. Adobe comprises approximately 0.8% of Strategic Financial Concepts LLC’s holdings, making the stock its 14th biggest position.

Several other institutional investors have also made changes to their positions in the company. Legacy Investment Solutions LLC acquired a new stake in Adobe in the 3rd quarter worth approximately $26,000. Groupama Asset Managment lifted its holdings in Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after purchasing an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in Adobe in the 3rd quarter worth approximately $30,000. True Wealth Design LLC lifted its holdings 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 during the last quarter. Finally, Decker Retirement Planning Inc. acquired a new stake in Adobe in the 4th quarter worth approximately $31,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $460.16 on Friday. The business’s fifty day moving average price is $446.56 and its two-hundred day moving average price is $496.88. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $607.32. The stock has a market capitalization of $200.31 billion, a price-to-earnings ratio of 37.11, 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.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping 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 return on equity of 45.87% and a net margin of 25.85%. The business’s revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.52 earnings per share. As a group, analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following 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 ownership of the stock. The sale was disclosed in a legal 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 on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on ADBE shares. Sanford C. Bernstein reduced their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $475.00 price target (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Barclays cut their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Wells Fargo & Company cut their price target on Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $590.00 price target on shares of Adobe in a report on Thursday. One research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $573.00.

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.