Fortis Capital Management LLC Has $4.75 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Fortis Capital Management LLC lowered its position in Adobe Inc. (NASDAQ:ADBE) by 6.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,174 shares of the software company’s stock after selling 658 shares during the period. Adobe accounts for 1.0% of Fortis Capital Management LLC’s portfolio, making the stock its 29th largest holding. Fortis Capital Management LLC’s holdings in Adobe were worth $4,750,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of ADBE. Piscataqua Savings Bank raised its stake in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares during the last quarter. Summit Securities Group LLC bought a new position in Adobe in the 2nd quarter valued at $33,000. Lynx Investment Advisory bought a new stake in shares of Adobe during the second quarter worth $39,000. Hobbs Group Advisors LLC bought a new position in Adobe in the second quarter valued at about $39,000. Finally, Highline Wealth Partners LLC acquired a new stake in Adobe in the third quarter worth about $38,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of research reports. Royal Bank of Canada restated an “outperform” rating and set a $610.00 target price on shares of Adobe in a research report on Tuesday, October 15th. Sanford C. Bernstein reduced their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Barclays increased their price target on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Finally, UBS Group decreased their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Buying and Selling

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the transaction, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,187 shares of company stock valued at $17,736,369. Company insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $532.50 on Thursday. The business has a 50-day moving average of $512.61 and a 200-day moving average of $517.56. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market capitalization of $234.41 billion, a price-to-earnings ratio of 44.97, a PEG ratio of 2.71 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.26 earnings per share. As a group, sell-side analysts predict that Adobe Inc. will post 14.82 earnings per share 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.