Novare Capital Management LLC Has $11.61 Million Position in Adobe Inc. (NASDAQ:ADBE)

Novare Capital Management LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 0.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 26,103 shares of the software company’s stock after buying an additional 141 shares during the quarter. Novare Capital Management LLC’s holdings in Adobe were worth $11,607,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Mackenzie Financial Corp boosted its holdings in shares of Adobe by 0.7% during the second quarter. Mackenzie Financial Corp now owns 67,062 shares of the software company’s stock worth $37,256,000 after acquiring an additional 451 shares during the period. Susquehanna Fundamental Investments LLC bought a new position in shares of Adobe during the second quarter worth approximately $44,002,000. Ninepoint Partners LP lifted its holdings in Adobe by 7.6% during the 2nd quarter. Ninepoint Partners LP now owns 1,306 shares of the software company’s stock worth $726,000 after purchasing an additional 92 shares during the last quarter. Peloton Wealth Strategists boosted its stake in Adobe by 19.6% in the 2nd quarter. Peloton Wealth Strategists now owns 3,752 shares of the software company’s stock valued at $2,084,000 after purchasing an additional 615 shares during the period. Finally, Oliver Lagore Vanvalin Investment Group grew its holdings in Adobe by 41.9% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 4,866 shares of the software company’s stock valued at $2,703,000 after buying an additional 1,438 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity

In related news, Director Amy Banse sold 606 shares of the business’s stock in a transaction 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 sale, the director now owns 32,929 shares of the company’s stock, valued at $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 SEC, which is available through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.15% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on ADBE. Barclays dropped their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Jefferies Financial Group dropped their price objective on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. BMO Capital Markets decreased their target price on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Oppenheimer lowered their target price on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Finally, Mizuho cut their price target on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $573.00.

Adobe Stock Down 0.4 %

Shares of NASDAQ:ADBE opened at $435.38 on Friday. Adobe Inc. has a 52-week low of $403.75 and a 52-week high of $638.25. The company has a market capitalization of $189.52 billion, a PE ratio of 35.11, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The company has a fifty day moving average of $468.14 and a 200-day moving average of $508.06.

Adobe (NASDAQ:ADBE) last issued 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. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business 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 earned $3.52 EPS. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, equities analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal 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.