Strive Asset Management LLC Acquires Shares of 2,616 Adobe Inc. (NASDAQ:ADBE)

Strive Asset Management LLC bought a new position in shares of Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,616 shares of the software company’s stock, valued at approximately $1,163,000. Adobe makes up approximately 0.9% of Strive Asset Management LLC’s investment portfolio, making the stock its 27th largest position.

Other institutional investors and hedge funds have also modified their holdings of the company. Arizona State Retirement System increased its stake in shares of Adobe by 0.4% during the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock worth $56,784,000 after purchasing an additional 570 shares in the last quarter. Burling Wealth Partners LLC purchased a new stake in shares of Adobe during the fourth quarter worth about $1,173,000. Silicon Valley Capital Partners increased its stake in shares of Adobe by 4.1% during the fourth quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company’s stock worth $2,656,000 after purchasing an additional 236 shares in the last quarter. Evanson Asset Management LLC increased its stake in shares of Adobe by 317.2% during the fourth quarter. Evanson Asset Management LLC now owns 4,472 shares of the software company’s stock worth $1,988,000 after purchasing an additional 3,400 shares in the last quarter. Finally, Foundations Investment Advisors LLC increased its stake in shares of Adobe by 30.9% during the fourth quarter. Foundations Investment Advisors LLC now owns 36,009 shares of the software company’s stock worth $16,012,000 after purchasing an additional 8,508 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In other Adobe news, CFO Daniel Durn bought 1,300 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.16% of the stock is owned by insiders.

Adobe Price Performance

Adobe stock opened at $417.13 on Friday. The company’s 50 day simple moving average is $375.68 and its 200-day simple moving average is $433.93. The company has a market capitalization of $177.78 billion, a price-to-earnings ratio of 33.64, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 1 year low of $332.01 and a 1 year 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.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the prior year, the firm earned $4.48 EPS. As a group, equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on ADBE shares. Summit Redstone set a $410.00 target price on shares of Adobe in a research note on Wednesday, March 19th. Jefferies Financial Group lowered their price target on shares of Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Citigroup lowered their price target on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research report on Monday, March 10th. Redburn Atlantic started coverage on shares of Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating on the stock. Finally, BMO Capital Markets lowered their price target on shares of Adobe from $495.00 to $450.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 16th. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $502.88.

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.