Great Valley Advisor Group Inc. Acquires 1,161 Shares of Adobe Inc. (NASDAQ:ADBE)

Great Valley Advisor Group Inc. lifted its position in Adobe Inc. (NASDAQ:ADBE) by 23.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,150 shares of the software company’s stock after acquiring an additional 1,161 shares during the period. Great Valley Advisor Group Inc.’s holdings in Adobe were worth $3,669,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. HBC Financial Services PLLC acquired a new stake in shares of Adobe during the third quarter worth $25,000. Wetzel Investment Advisors Inc. bought a new stake in shares of Adobe in the fourth quarter valued at about $35,000. BluePath Capital Management LLC bought a new position in shares of Adobe during the third quarter worth about $39,000. Hanseatic Management Services Inc. bought a new stake in Adobe in the 3rd quarter valued at approximately $45,000. Finally, First Command Advisory Services Inc. acquired a new position in Adobe during the 3rd quarter worth approximately $52,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The shares were 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 approximately $1,940,160. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. In the last quarter, insiders have sold 293 shares of company stock valued at $137,656. 0.15% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have commented on ADBE. Wells Fargo & Company cut their price target on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. 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. Robert W. Baird decreased their price target on Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research note on Friday, March 15th. Barclays dropped their price objective on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Finally, JMP Securities restated a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $620.72.

Adobe Price Performance

NASDAQ ADBE traded up $1.91 on Thursday, hitting $471.30. 155,021 shares of the company’s stock were exchanged, compared to its average volume of 3,436,837. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The stock has a market cap of $211.14 billion, a price-to-earnings ratio of 44.87, a P/E/G ratio of 2.51 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. The stock has a 50-day moving average of $510.90 and a 200-day moving average of $562.78.

Adobe (NASDAQ:ADBE) last announced 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 company had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. Adobe’s revenue was up 11.3% compared to the same quarter last year. During the same period in the prior year, the company earned $2.97 EPS. Analysts expect that Adobe Inc. will post 14.55 earnings per share for the current year.

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

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.