Archford Capital Strategies LLC Acquires 416 Shares of Adobe Inc. (NASDAQ:ADBE)

Archford Capital Strategies LLC grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 13.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,622 shares of the software company’s stock after buying an additional 416 shares during the quarter. Archford Capital Strategies LLC’s holdings in Adobe were worth $1,611,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of ADBE. Investment Research & Advisory Group Inc. grew its stake in Adobe by 2.2% in the fourth quarter. Investment Research & Advisory Group Inc. now owns 4,839 shares of the software company’s stock worth $2,152,000 after purchasing an additional 106 shares in the last quarter. Smith Chas P & Associates PA Cpas grew its stake in Adobe by 38.5% in the fourth quarter. Smith Chas P & Associates PA Cpas now owns 1,800 shares of the software company’s stock worth $800,000 after purchasing an additional 500 shares in the last quarter. Patton Albertson Miller Group LLC grew its stake in Adobe by 6.0% in the fourth quarter. Patton Albertson Miller Group LLC now owns 13,344 shares of the software company’s stock worth $5,934,000 after purchasing an additional 751 shares in the last quarter. Insight Inv LLC bought a new position in Adobe in the fourth quarter worth approximately $235,000. Finally, Stewardship Advisors LLC grew its stake in Adobe by 10.6% in the fourth quarter. Stewardship Advisors LLC now owns 541 shares of the software company’s stock worth $241,000 after purchasing an additional 52 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Activity

In related news, Director Amy Banse sold 606 shares of the company’s stock in a transaction that occurred 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 sale, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on ADBE shares. 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 research report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 price target (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Citigroup reduced their target price on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Sanford C. Bernstein reduced their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Finally, UBS Group cut their price objective on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. One research analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Price Performance

Shares of ADBE stock opened at $435.38 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm’s 50-day moving average is $468.14 and its two-hundred day moving average is $508.06. Adobe Inc. has a 12 month low of $403.75 and a 12 month 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.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion for 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%. Adobe’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.52 earnings per share. 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.