Foster Group Inc. Grows Holdings in Adobe Inc. (NASDAQ:ADBE)

Foster Group Inc. grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 4.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 526 shares of the software company’s stock after acquiring an additional 23 shares during the period. Foster Group Inc.’s holdings in Adobe were worth $234,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of ADBE. International Assets Investment Management LLC lifted its position in shares of Adobe by 66,909.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after buying an additional 1,376,333 shares during the last quarter. FMR LLC boosted its stake in Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after acquiring an additional 787,356 shares during the period. Assenagon Asset Management S.A. grew its holdings in shares of Adobe by 42.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,168,584 shares of the software company’s stock valued at $519,646,000 after purchasing an additional 347,536 shares during the last quarter. Seilern Investment Management Ltd bought a new stake in shares of Adobe in the 4th quarter worth approximately $110,744,000. Finally, Erste Asset Management GmbH bought a new stake in Adobe during the 3rd quarter valued at $126,703,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

Adobe stock opened at $442.70 on Wednesday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market cap of $192.71 billion, a PE ratio of 35.70, a P/E/G ratio of 2.12 and a beta of 1.31. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $638.25. The business’s 50-day moving average price is $466.93 and its two-hundred day moving average price is $506.42.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the business posted $3.52 earnings per share. As a group, analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently commented on ADBE shares. Mizuho lowered their price objective on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 price objective (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Wells Fargo & Company decreased their price objective on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. Finally, Piper Sandler dropped their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $573.00.

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 3,819 shares of the stock in a transaction dated 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 transaction, the executive vice president now owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This represents a 17.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Amy Banse sold 606 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock worth $2,525,126 over the last ninety days. Insiders own 0.15% of the company’s stock.

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.