Forvis Mazars Wealth Advisors LLC Buys 95 Shares of Adobe Inc. (NASDAQ:ADBE)

Forvis Mazars Wealth Advisors LLC increased its stake in Adobe Inc. (NASDAQ:ADBE) by 1.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,050 shares of the software company’s stock after buying an additional 95 shares during the period. Forvis Mazars Wealth Advisors LLC’s holdings in Adobe were worth $3,580,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Legacy Investment Solutions LLC bought a new position in Adobe in the third quarter worth about $26,000. Groupama Asset Managment raised its stake in Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after buying an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. bought a new position in Adobe in the third quarter worth about $30,000. True Wealth Design LLC raised its stake in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares in the last quarter. Finally, Decker Retirement Planning Inc. bought a new position in shares of Adobe during the fourth quarter valued at approximately $31,000. 81.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $590.00 target price on shares of Adobe in a research note on Thursday, February 13th. Redburn Atlantic initiated coverage on shares of Adobe in a research note on Wednesday. They set a “neutral” rating for the company. Piper Sandler decreased their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Sanford C. Bernstein decreased their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Finally, Wells Fargo & Company decreased their target price 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. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $570.88.

Insider Transactions at Adobe

In other news, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Amy Banse sold 606 shares of the firm’s stock in a transaction 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 sale, the director now owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock worth $2,525,126 in the last 90 days. 0.15% of the stock is currently owned by insiders.

Adobe Trading Down 2.3 %

Shares of ADBE stock opened at $444.32 on Friday. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $587.75. 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 firm’s 50 day moving average is $440.46 and its 200 day moving average is $494.02. The stock has a market capitalization of $193.41 billion, a P/E ratio of 35.83, a P/E/G ratio of 2.20 and a beta of 1.31.

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

About Adobe

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.