Fjell Capital LLC Purchases New Holdings in Adobe Inc. (NASDAQ:ADBE)

Fjell Capital LLC bought a new stake in shares of Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 3,451 shares of the software company’s stock, valued at approximately $1,535,000. Adobe makes up about 1.6% of Fjell Capital LLC’s investment portfolio, making the stock its 23rd largest position.

Several other large investors have also recently made changes to their positions in the business. Nordea Investment Management AB raised its stake in Adobe by 2.0% during the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after buying an additional 33,414 shares during the last quarter. Public Sector Pension Investment Board raised its position in shares of Adobe by 12.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock worth $10,005,000 after purchasing an additional 2,100 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in Adobe by 201.0% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock worth $60,779,000 after purchasing an additional 78,384 shares in the last quarter. Morse Asset Management Inc grew its position in Adobe by 33.0% during the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after purchasing an additional 2,113 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in Adobe by 1.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company’s stock valued at $44,090,000 after purchasing an additional 1,326 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Amy Banse sold 606 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,681 shares of company stock worth $2,525,126 over the last quarter. Insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on ADBE shares. 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. BMO Capital Markets cut their target price on Adobe from $570.00 to $515.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 19th. Jefferies Financial Group decreased their price target on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Wells Fargo & Company dropped their price objective on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 7th. Finally, Citigroup reduced their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $570.88.

Adobe Stock Down 0.2 %

ADBE opened at $443.41 on Wednesday. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market cap of $193.02 billion, a price-to-earnings ratio of 35.76, a price-to-earnings-growth ratio of 2.15 and a beta of 1.31. The firm’s fifty day moving average is $439.88 and its 200 day moving average is $492.62.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm’s revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the business posted $3.52 earnings per share. On average, sell-side analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Adobe 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.