Fulton Breakefield Broenniman LLC acquired a new position in shares of Adobe Inc (NASDAQ:ADBE) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 748 shares of the software company’s stock, valued at approximately $247,000.
Other hedge funds also recently added to or reduced their stakes in the company. JJJ Advisors Inc. acquired a new stake in Adobe during the 3rd quarter worth approximately $28,000. Hexavest Inc. boosted its stake in Adobe by 58.2% in the 3rd quarter. Hexavest Inc. now owns 106 shares of the software company’s stock valued at $29,000 after purchasing an additional 39 shares during the period. Venturi Wealth Management LLC bought a new stake in Adobe in the 3rd quarter valued at $35,000. Marquette Asset Management LLC grew its holdings in Adobe by 57.8% in the 3rd quarter. Marquette Asset Management LLC now owns 142 shares of the software company’s stock valued at $39,000 after buying an additional 52 shares in the last quarter. Finally, Candriam Luxembourg S.C.A. grew its holdings in Adobe by 2.5% in the 3rd quarter. Candriam Luxembourg S.C.A. now owns 147,304 shares of the software company’s stock valued at $41,000 after buying an additional 3,575 shares in the last quarter. 84.84% of the stock is owned by hedge funds and other institutional investors.
Shares of Adobe stock opened at $344.63 on Wednesday. The company has a quick ratio of 0.74, a current ratio of 0.79 and a debt-to-equity ratio of 0.09. Adobe Inc has a 12-month low of $237.26 and a 12-month high of $347.27. The company has a market capitalization of $164.49 billion, a price-to-earnings ratio of 52.54, a PEG ratio of 2.61 and a beta of 1.11. The firm’s 50-day moving average price is $322.52 and its two-hundred day moving average price is $296.62.
Several research firms have weighed in on ADBE. Canaccord Genuity increased their price objective on Adobe from $320.00 to $350.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. JPMorgan Chase & Co. reduced their target price on shares of Adobe from $329.00 to $318.00 and set a “neutral” rating for the company in a research report on Wednesday, September 18th. UBS Group restated a “buy” rating and issued a $360.00 price target on shares of Adobe in a research note on Friday, December 13th. Griffin Securities raised their price target on shares of Adobe from $330.00 to $334.00 and gave the stock a “buy” rating in a research report on Friday, December 13th. Finally, BidaskClub upgraded shares of Adobe from a “sell” rating to a “hold” rating in a research note on Saturday. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and seventeen have assigned a buy rating to the company. Adobe presently has a consensus rating of “Buy” and a consensus price target of $331.96.
In related news, CAO Mark S. Garfield sold 948 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $319.27, for a total transaction of $302,667.96. Following the completion of the sale, the chief accounting officer now directly owns 74 shares in the company, valued at approximately $23,625.98. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Charles M. Geschke sold 12,000 shares of the company’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $333.70, for a total value of $4,004,400.00. The disclosure for this sale can be found here. Insiders sold 35,712 shares of company stock worth $11,745,016 over the last three months. 0.32% of the stock is currently owned by insiders.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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