Strategic Financial Concepts LLC Invests $24.93 Million in Adobe Inc. (NASDAQ:ADBE)

Strategic Financial Concepts LLC acquired a new stake in Adobe Inc. (NASDAQ:ADBE) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 56,057 shares of the software company’s stock, valued at approximately $24,927,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. Legacy Investment Solutions LLC purchased a new stake in shares of Adobe in the 3rd quarter worth approximately $26,000. Piscataqua Savings Bank raised its stake in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in Adobe during the third quarter worth $30,000. True Wealth Design LLC boosted its position in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares in the last quarter. Finally, Briaud Financial Planning Inc purchased a new position in shares of Adobe in the 3rd quarter valued at $36,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the sale, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. This trade represents a 4.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Amy Banse sold 606 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and dropped their price objective for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. Wells Fargo & Company cut their price objective on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Stifel Nicolaus decreased their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Sanford C. Bernstein cut their price target on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Finally, Piper Sandler decreased their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $573.00.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $433.07 on Friday. The business’s 50 day moving average price is $455.58 and its 200-day moving average price is $500.48. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $628.07. 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 firm has a market capitalization of $188.52 billion, a PE ratio of 34.93, a P/E/G ratio of 2.12 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion during 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 revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.52 earnings per share. As a group, equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal 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.