Roffman Miller Associates Inc. PA Increases Stake in Adobe Inc. (NASDAQ:ADBE)

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

A number of other hedge funds have also recently added to or reduced their stakes in ADBE. Iron Horse Wealth Management LLC acquired a new stake in shares of Adobe during the 3rd quarter valued at about $25,000. HBC Financial Services PLLC acquired a new stake in Adobe in the third quarter valued at approximately $25,000. Global Wealth Strategies & Associates increased its position in shares of Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after buying an additional 19 shares in the last quarter. Wetzel Investment Advisors Inc. acquired a new position in shares of Adobe during the 4th quarter worth approximately $35,000. Finally, BluePath Capital Management LLC purchased a new position in shares of Adobe during the 3rd quarter valued at approximately $39,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several recent analyst reports. TD Cowen decreased their price objective on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a report on Friday, March 15th. Mizuho reissued a “buy” rating and set a $680.00 target price on shares of Adobe in a report on Wednesday, March 27th. Stifel Nicolaus dropped their price target on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a research report on Friday, March 15th. Bank of America cut their price objective on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 price target on shares of Adobe in a report on Wednesday, March 27th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Adobe Stock Up 0.9 %

Shares of NASDAQ ADBE traded up $4.43 during midday trading on Friday, hitting $477.87. 1,364,177 shares of the company’s stock were exchanged, compared to its average volume of 3,484,146. The firm’s fifty day simple moving average is $516.72 and its 200-day simple moving average is $564.69. The company has a market cap of $214.09 billion, a PE ratio of 46.08, a P/E/G ratio of 2.58 and a beta of 1.28. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data 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 company had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter last year, the company earned $2.97 earnings per share. Research analysts predict that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its Board of Directors has initiated a stock repurchase 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 repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In related news, CAO Mark S. Garfield sold 96 shares of the firm’s 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 transaction, the chief accounting officer now 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 is available at this link. In other news, CAO Mark S. Garfield sold 96 shares of the company’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 completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction that occurred 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 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. Over the last 90 days, insiders have sold 293 shares of company stock valued at $137,656. 0.15% of the stock is currently owned by insiders.

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.