Delta Financial Advisors LLC Purchases 228 Shares of Adobe Inc. (NASDAQ:ADBE)

Delta Financial Advisors LLC lifted its position in Adobe Inc. (NASDAQ:ADBE) by 25.7% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 1,115 shares of the software company’s stock after buying an additional 228 shares during the quarter. Delta Financial Advisors LLC’s holdings in Adobe were worth $665,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Dock Street Asset Management Inc. lifted its holdings in Adobe by 1.4% in the 4th quarter. Dock Street Asset Management Inc. now owns 28,658 shares of the software company’s stock worth $17,097,000 after purchasing an additional 402 shares during the last quarter. Federated Hermes Inc. lifted its holdings in shares of Adobe by 22.6% during the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after buying an additional 41,164 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt lifted its holdings in shares of Adobe by 2.3% during the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 14,733 shares of the software company’s stock worth $8,790,000 after buying an additional 326 shares during the last quarter. Daiwa Securities Group Inc. lifted its holdings in shares of Adobe by 14.8% during the fourth quarter. Daiwa Securities Group Inc. now owns 79,385 shares of the software company’s stock worth $47,360,000 after buying an additional 10,261 shares during the last quarter. Finally, CloudAlpha Capital Management Limited Hong Kong lifted its holdings in shares of Adobe by 179.5% during the fourth quarter. CloudAlpha Capital Management Limited Hong Kong now owns 64,275 shares of the software company’s stock worth $38,346,000 after buying an additional 41,275 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. BMO Capital Markets reiterated an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research report on Wednesday, March 27th. Piper Sandler reiterated an “overweight” rating and issued a $700.00 price target on shares of Adobe in a research report on Wednesday, March 27th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Barclays dropped their target price on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a report on Friday, March 15th. Finally, Stifel Nicolaus dropped their target price on shares of Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average target price of $620.72.

Adobe Stock Performance

ADBE traded up $2.38 during trading hours on Thursday, hitting $476.83. The stock had a trading volume of 854,242 shares, compared to its average volume of 3,554,855. The company’s fifty day simple moving average is $533.19 and its 200 day simple moving average is $566.97. Adobe Inc. has a 1 year low of $331.89 and a 1 year high of $638.25. The stock has a market cap of $213.62 billion, a PE ratio of 45.55, a price-to-earnings-growth ratio of 2.58 and a beta of 1.28. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

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

Adobe announced that its Board of Directors has initiated a share buyback plan on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Adobe

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

Adobe Company 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.