Eastover Investment Advisors LLC Purchases 60 Shares of Adobe Inc. (NASDAQ:ADBE)

Eastover Investment Advisors LLC increased its position in Adobe Inc. (NASDAQ:ADBE) by 1.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,548 shares of the software company’s stock after acquiring an additional 60 shares during the quarter. Adobe comprises about 0.7% of Eastover Investment Advisors LLC’s investment portfolio, making the stock its 28th biggest position. Eastover Investment Advisors 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 also recently bought and sold shares of ADBE. International Assets Investment Management LLC increased its holdings in shares of Adobe by 66,909.7% during 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 purchasing an additional 1,376,333 shares during the period. Longview Partners Guernsey LTD bought a new stake in shares of Adobe in the 2nd quarter worth approximately $663,745,000. FMR LLC boosted its stake in Adobe by 8.8% during the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after buying an additional 787,356 shares in the last quarter. Mercer Global Advisors Inc. ADV boosted its position in shares of Adobe by 982.4% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 541,670 shares of the software company’s stock valued at $300,919,000 after acquiring an additional 491,627 shares in the last quarter. Finally, Erste Asset Management GmbH acquired a new stake in shares of Adobe during the 3rd quarter valued at about $126,703,000. 81.79% of the stock is currently owned by institutional investors.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Amy Banse sold 606 shares of the business’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now owns 32,929 shares in the company, 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 sold 3,293 shares of company stock valued at $1,679,809 over the last three months. Company insiders own 0.15% of the company’s stock.

Adobe Stock Down 3.3 %

Shares of NASDAQ:ADBE opened at $405.92 on Monday. The company has a 50 day moving average price of $484.01 and a two-hundred day moving average price of $517.00. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market capitalization of $178.69 billion, a PE ratio of 32.74, a PEG ratio of 2.51 and a beta of 1.31. Adobe Inc. has a 52 week low of $405.32 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. Adobe’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the prior year, the business earned $3.52 EPS. Analysts forecast that Adobe Inc. will post 16.73 earnings per share for the current year.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of analyst reports. DA Davidson cut their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Barclays lowered their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Mizuho cut their price objective on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. UBS Group lowered their target price on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 price target (down from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, nine 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, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $575.85.

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.