Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Delta Financial Advisors LLC

Delta Financial Advisors LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 25.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,115 shares of the software company’s stock after buying an additional 228 shares during the period. Delta Financial Advisors LLC’s holdings in Adobe were worth $665,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Rockland Trust Co. raised its holdings in shares of Adobe by 4.1% during the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock valued at $564,000 after buying an additional 44 shares during the period. Mainsail Financial Group LLC increased its holdings in Adobe by 9.6% during the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after purchasing an additional 184 shares during the last quarter. Team Hewins LLC purchased a new stake in Adobe during the 3rd quarter worth approximately $4,141,000. Guinness Asset Management LTD increased its holdings in Adobe by 5.9% during the 3rd quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock worth $22,734,000 after purchasing an additional 2,499 shares during the last quarter. Finally, Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD increased its holdings in Adobe by 36.7% during the 3rd quarter. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD now owns 6,969 shares of the software company’s stock worth $3,544,000 after purchasing an additional 1,871 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ADBE has been the topic of several analyst reports. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. BMO Capital Markets reissued an “outperform” rating and set a $610.00 price target on shares of Adobe in a research report on Wednesday, March 27th. TD Cowen dropped their price target on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research report on Friday, March 15th. Barclays dropped their price target on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Finally, KeyCorp began coverage on Adobe in a research report on Thursday, March 21st. They set an “underweight” rating and a $445.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Insider Activity

In related news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, EVP Scott Belsky sold 2,191 shares of the stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the completion of the transaction, the executive vice president now directly owns 23,508 shares in the company, valued at approximately $14,144,998.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 788 shares of the stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,075 shares of company stock valued at $1,848,418. 0.15% of the stock is owned by insiders.

Adobe Stock Up 0.5 %

ADBE traded up $2.38 on Thursday, hitting $476.83. 854,242 shares of the company were exchanged, compared to its average volume of 3,554,855. Adobe Inc. has a 12 month low of $331.89 and a 12 month high of $638.25. The company has a market cap of $213.62 billion, a PE ratio of 45.55, a PEG ratio of 2.58 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The stock’s fifty day moving average is $533.19 and its 200-day moving average is $566.97.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business’s revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.97 earnings per share. Equities research analysts predict that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its board has authorized a share buyback plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

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.