Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Roffman Miller Associates Inc. PA

Roffman Miller Associates Inc. PA raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 31,952 shares of the software company’s stock after buying an additional 526 shares during the period. Roffman Miller Associates Inc. PA’s holdings in Adobe were worth $19,063,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ADBE. Rockland Trust Co. raised its position in Adobe by 4.1% in the third quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock worth $564,000 after acquiring an additional 44 shares in the last quarter. Federated Hermes Inc. grew its holdings in shares of Adobe by 22.6% in the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after acquiring an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC lifted its holdings in shares of Adobe by 9.6% during the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after purchasing an additional 184 shares during the last quarter. Team Hewins LLC purchased a new position in Adobe in the 3rd quarter worth about $4,141,000. Finally, Guinness Asset Management LTD raised 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 buying an additional 2,499 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, 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 can be accessed through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction 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 transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The disclosure for this sale can be found here. Insiders sold 293 shares of company stock valued at $137,656 in the last three months. Corporate insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $630.00 target price on shares of Adobe in a research report on Wednesday, March 27th. JPMorgan Chase & Co. dropped their target price on Adobe from $600.00 to $570.00 and set a “neutral” rating on the stock in a research report on Friday, March 15th. BNP Paribas downgraded Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective on the stock. in a report on Thursday, January 18th. Piper Sandler restated an “overweight” rating and set a $700.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Finally, Mizuho restated a “buy” rating and set a $680.00 target price on shares of Adobe in a report on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Price Performance

ADBE stock traded up $4.43 during trading on Friday, hitting $477.87. The company had a trading volume of 1,364,177 shares, compared to its average volume of 3,484,146. 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 company has a fifty day moving average price of $516.72 and a two-hundred day moving average price of $564.69. Adobe Inc. has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The company has a market cap of $214.09 billion, a P/E ratio of 46.08, a P/E/G ratio of 2.58 and a beta of 1.28.

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

Adobe announced that its board has authorized a share buyback program on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to purchase up to 10.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors 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.