Strategic Blueprint LLC Raises Position in Adobe Inc. (NASDAQ:ADBE)

Strategic Blueprint LLC increased its position in Adobe Inc. (NASDAQ:ADBE) by 45.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,548 shares of the software company’s stock after acquiring an additional 1,106 shares during the period. Strategic Blueprint LLC’s holdings in Adobe were worth $1,578,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in ADBE. Nvest Financial LLC lifted its stake in Adobe by 5.7% in the 4th quarter. Nvest Financial LLC now owns 1,979 shares of the software company’s stock worth $880,000 after purchasing an additional 106 shares in the last quarter. Foster Victor Wealth Advisors LLC raised its position in shares of Adobe by 26.1% during the 4th quarter. Foster Victor Wealth Advisors LLC now owns 51,651 shares of the software company’s stock valued at $22,209,000 after buying an additional 10,690 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its position in shares of Adobe by 21.0% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 494,915 shares of the software company’s stock valued at $220,079,000 after buying an additional 85,820 shares in the last quarter. R Squared Ltd purchased a new stake in shares of Adobe during the 4th quarter valued at about $141,000. Finally, Deane Retirement Strategies Inc. raised its position in Adobe by 119.8% in the 4th quarter. Deane Retirement Strategies Inc. now owns 8,120 shares of the software company’s stock worth $3,611,000 after purchasing an additional 4,426 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on ADBE shares. Sanford C. Bernstein reduced their price objective on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Mizuho dropped their target price 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. DA Davidson dropped their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Stifel Nicolaus dropped their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. Finally, Piper Sandler dropped their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. One equities 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. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Price Performance

Shares of ADBE opened at $441.68 on Thursday. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $638.25. The firm’s 50 day moving average price is $465.79 and its 200 day moving average price is $505.60. The company has a market cap of $192.26 billion, a P/E ratio of 35.62, a PEG ratio of 2.12 and a beta of 1.31. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. 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 previous year, the business posted $3.52 EPS. The firm’s revenue was up 11.1% on a year-over-year basis. On average, research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now owns 18,334 shares of the company’s stock, valued at $7,888,020.16. The trade was a 17.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock worth $2,525,126 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

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.