Fayez Sarofim & Co Buys 49,250 Shares of Adobe Inc. (NASDAQ:ADBE)

Fayez Sarofim & Co boosted its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 8.6% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 622,523 shares of the software company's stock after purchasing an additional 49,250 shares during the period. Fayez Sarofim & Co owned about 0.14% of Adobe worth $279,761,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of ADBE. Virtu Financial LLC purchased a new stake in Adobe during the third quarter worth about $4,167,000. Morse Asset Management Inc grew its holdings in Adobe by 32.6% during the third quarter. Morse Asset Management Inc now owns 8,494 shares of the software company's stock valued at $4,398,000 after purchasing an additional 2,088 shares during the period. Te Ahumairangi Investment Management Ltd raised its stake in shares of Adobe by 12.9% in the third quarter. Te Ahumairangi Investment Management Ltd now owns 4,455 shares of the software company's stock valued at $2,294,000 after buying an additional 510 shares during the period. Anchor Investment Management LLC lifted its position in shares of Adobe by 1.6% during the 3rd quarter. Anchor Investment Management LLC now owns 16,261 shares of the software company's stock valued at $8,420,000 after buying an additional 255 shares during the last quarter. Finally, Pine Valley Investments Ltd Liability Co increased its holdings in Adobe by 13.7% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 25,432 shares of the software company's stock worth $13,168,000 after acquiring an additional 3,071 shares during the last quarter. Institutional investors own 81.79% of the company's stock.

Insider Activity

In related news, EVP Scott Belsky sold 3,819 shares of the company's stock in a transaction on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the sale, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. This represents a 17.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Daniel Durn acquired 1,300 shares of the company's stock in a transaction on Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their position. The disclosure for this purchase can be found here. 0.16% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Summit Redstone set a $410.00 target price on shares of Adobe in a research note on Wednesday, March 19th. Mizuho reduced their price objective on shares of Adobe from $620.00 to $575.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. Stifel Nicolaus dropped their target price on Adobe from $600.00 to $525.00 and set a "buy" rating on the stock in a research report on Thursday, March 13th. StockNews.com cut Adobe from a "strong-buy" rating to a "buy" rating in a research report on Tuesday, March 4th. Finally, Piper Sandler dropped their price objective on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a report on Wednesday. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $502.88.

Adobe Price Performance

NASDAQ ADBE traded up $6.81 on Friday, reaching $367.72. 3,497,670 shares of the company's stock traded hands, compared to its average volume of 3,429,607. The stock has a market cap of $156.72 billion, a PE ratio of 29.65, a P/E/G ratio of 2.15 and a beta of 1.49. 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 Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The stock has a 50-day simple moving average of $394.82 and a 200 day simple moving average of $446.30.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion for the quarter, compared to analysts' expectations of $5.66 billion. During the same quarter last year, the company earned $4.48 EPS. As a group, research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

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.