Fjell Capital LLC Invests $1.54 Million in Adobe Inc. (NASDAQ:ADBE)

Fjell Capital LLC bought a new stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 3,451 shares of the software company's stock, valued at approximately $1,535,000. Adobe makes up about 1.6% of Fjell Capital LLC's portfolio, making the stock its 23rd biggest position.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Legacy Investment Solutions LLC purchased a new stake in Adobe during the third quarter valued at approximately $26,000. Groupama Asset Managment grew its holdings 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 purchasing an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in shares of Adobe during the 3rd quarter valued at $30,000. True Wealth Design LLC boosted its position in shares of 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 in the last quarter. Finally, Decker Retirement Planning Inc. acquired a new stake in shares of Adobe in the 4th quarter worth $31,000. Institutional investors own 81.79% of the company's stock.

Insider Activity

In other Adobe 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 transaction, the executive vice president now directly owns 18,334 shares in the company, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their position. 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 quarter. Corporate insiders own 0.15% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Mizuho reduced their target price on Adobe from $640.00 to $620.00 and set an "outperform" rating on the stock in a research report on Thursday, December 12th. Citigroup decreased their price objective on shares of Adobe from $616.00 to $590.00 and set a "neutral" rating for the company in a research report on Monday, December 9th. Bank of America dropped their target price on shares of Adobe from $640.00 to $605.00 and set a "buy" rating on the stock in a research report on Thursday, December 12th. Piper Sandler decreased their price target on shares of Adobe from $635.00 to $600.00 and set an "overweight" rating for the company in a report on Thursday, December 12th. Finally, JMP Securities reissued a "market perform" rating on shares of Adobe in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe presently has a consensus rating of "Moderate Buy" and a consensus price target of $570.88.

Adobe Price Performance

Shares of Adobe stock traded up $1.30 during trading hours on Friday, reaching $438.49. The stock had a trading volume of 3,936,248 shares, compared to its average volume of 3,474,121. The stock's 50 day moving average is $439.71 and its 200 day moving average is $491.24. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a twelve month low of $403.75 and a twelve month high of $587.75. The firm has a market capitalization of $190.87 billion, a PE ratio of 35.36, a PEG ratio of 2.15 and a beta of 1.31.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping analysts' consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.61 billion during the quarter, compared to analysts' expectations of $5.54 billion. During the same quarter in the prior year, the firm posted $3.52 EPS. Adobe's quarterly revenue was up 11.1% compared to the same quarter last year. Equities 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.