Roman Butler Fullerton & Co. Sells 306 Shares of Adobe Inc. (NASDAQ:ADBE)

Roman Butler Fullerton & Co. decreased its position in Adobe Inc. (NASDAQ:ADBE) by 6.3% during the 4th quarter, Holdings Channel.com reports. The firm owned 4,585 shares of the software company’s stock after selling 306 shares during the period. Adobe accounts for about 1.1% of Roman Butler Fullerton & Co.’s portfolio, making the stock its 23rd largest holding. Roman Butler Fullerton & Co.’s holdings in Adobe were worth $2,815,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in ADBE. VELA Investment Management LLC grew its position in shares of Adobe by 122.2% in the first quarter. VELA Investment Management LLC now owns 1,958 shares of the software company’s stock valued at $892,000 after purchasing an additional 1,077 shares during the last quarter. Bornite Capital Management LP acquired a new stake in Adobe during the first quarter worth approximately $15,947,000. United Bank grew its position in Adobe by 34.7% during the first quarter. United Bank now owns 2,109 shares of the software company’s stock worth $961,000 after buying an additional 543 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Adobe by 21.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 525,897 shares of the software company’s stock worth $239,609,000 after buying an additional 91,328 shares in the last quarter. Finally, Ergoteles LLC grew its position in Adobe by 138.3% during the first quarter. Ergoteles LLC now owns 6,651 shares of the software company’s stock worth $3,030,000 after buying an additional 3,860 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on ADBE shares. Piper Sandler reissued an “overweight” rating and set a $700.00 price target on shares of Adobe in a research report on Wednesday, March 27th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Mizuho reissued a “buy” rating and set a $680.00 price target on shares of Adobe in a research report on Wednesday, March 27th. KeyCorp assumed coverage on Adobe in a research note on Thursday, March 21st. They set an “underweight” rating and a $445.00 target price for the company. Finally, UBS Group cut their target price on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Adobe Price Performance

Shares of ADBE traded down $0.50 during mid-day trading on Thursday, reaching $473.95. 339,628 shares of the stock traded hands, compared to its average volume of 3,546,688. The firm has a fifty day moving average price of $533.19 and a 200 day moving average price of $566.97. The company has a market cap of $212.33 billion, a price-to-earnings ratio of 45.36, a price-to-earnings-growth ratio of 2.58 and a beta of 1.28. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25.

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

Adobe declared that its board has approved a share buyback plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to reacquire up to 10.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a legal filing with the SEC, 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 transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. Insiders sold 3,075 shares of company stock worth $1,848,418 in the last three months. Corporate insiders own 0.15% of the company’s stock.

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.