Foster Victor Wealth Advisors LLC Raises Stock Position in Adobe Inc. (NASDAQ:ADBE)

Foster Victor Wealth Advisors LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 26.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 51,651 shares of the software company's stock after purchasing an additional 10,690 shares during the quarter. Adobe makes up about 1.7% of Foster Victor Wealth Advisors LLC's investment portfolio, making the stock its 9th biggest holding. Foster Victor Wealth Advisors LLC's holdings in Adobe were worth $22,209,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Piscataqua Savings Bank increased its stake in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company's stock worth $25,000 after purchasing an additional 34 shares during the last quarter. Legacy Investment Solutions LLC bought a new position in Adobe during the third quarter worth about $26,000. Groupama Asset Managment increased its position in Adobe by 28.8% during 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 during the last quarter. MidAtlantic Capital Management Inc. bought a new stake in Adobe in the third quarter valued at approximately $30,000. Finally, True Wealth Design LLC lifted its position in shares of Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company's stock valued at $30,000 after buying an additional 34 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Price Performance

Adobe stock traded down $1.16 during midday trading on Wednesday, reaching $441.68. The company's stock had a trading volume of 2,993,831 shares, compared to its average volume of 4,004,716. The business has a 50-day moving average price of $465.79 and a 200-day moving average price of $505.60. Adobe Inc. has a 52 week low of $403.75 and a 52 week high of $638.25. 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 stock has a market cap of $192.26 billion, a PE ratio of 35.62, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm's revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.52 EPS. On average, sell-side analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Insider Buying and Selling at Adobe

In other news, Director Amy Banse sold 606 shares of Adobe 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 transaction, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the firm's stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the transaction, the executive vice president now directly owns 18,334 shares of the company's stock, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. StockNews.com upgraded Adobe from a "buy" rating to a "strong-buy" rating in a research note on Tuesday. BNP Paribas raised shares of Adobe from an "underperform" rating to a "neutral" rating and set a $425.00 price objective on the stock in a research report on Wednesday, January 15th. Barclays reduced their target price on shares of Adobe from $675.00 to $645.00 and set an "overweight" rating for the company in a report on Thursday, December 12th. DA Davidson lowered their price target on shares of Adobe from $685.00 to $625.00 and set a "buy" rating on the stock in a report on Thursday, December 12th. Finally, Bank of America cut their price objective on shares of Adobe from $640.00 to $605.00 and set a "buy" rating for the company in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $573.00.

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.