Fidelis Capital Partners LLC Has $2.29 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Fidelis Capital Partners LLC boosted its position in Adobe Inc. (NASDAQ:ADBE) by 41.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,839 shares of the software company’s stock after buying an additional 1,128 shares during the period. Fidelis Capital Partners LLC’s holdings in Adobe were worth $2,290,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Iron Horse Wealth Management LLC bought a new stake in Adobe during the 3rd quarter worth approximately $25,000. HBC Financial Services PLLC bought a new stake in Adobe during the 3rd quarter worth approximately $25,000. Global Wealth Strategies & Associates increased its holdings in Adobe by 57.6% during the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after purchasing an additional 19 shares in the last quarter. BluePath Capital Management LLC bought a new stake in Adobe during the 3rd quarter worth approximately $39,000. Finally, Financial Freedom LLC bought a new stake in Adobe during the 4th quarter worth approximately $29,000. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded down $1.27 during trading on Thursday, hitting $473.18. 2,389,327 shares of the company were exchanged, compared to its average volume of 3,575,996. The company has a market cap of $211.98 billion, a PE ratio of 45.24, a P/E/G ratio of 2.58 and a beta of 1.28. The stock has a 50 day moving average of $533.19 and a 200 day moving average of $566.97. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.97 earnings per share. As a group, equities research analysts predict that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its Board of Directors has approved a stock buyback program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Adobe

In other news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,495,528.10. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Scott Belsky sold 2,191 shares of the stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the sale, the executive vice president now owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The disclosure for this sale can be found here. Insiders have sold a total of 3,075 shares of company stock valued at $1,848,418 over the last 90 days. 0.15% of the stock is owned by insiders.

Analysts Set New Price Targets

ADBE has been the subject of a number of recent research reports. Wells Fargo & Company decreased their price objective on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Piper Sandler reaffirmed an “overweight” rating and issued a $700.00 target price on shares of Adobe in a report on Wednesday, March 27th. Mizuho reaffirmed a “buy” rating and issued a $680.00 target price on shares of Adobe in a report on Wednesday, March 27th. HSBC reduced their target price on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $610.00 target price on shares of Adobe in a report on Wednesday, March 27th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $620.72.

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.