Roffman Miller Associates Inc. PA Raises Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Roffman Miller Associates Inc. PA raised its position in Adobe Inc. (NASDAQ:ADBE) by 6.1% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 42,388 shares of the software company’s stock after purchasing an additional 2,429 shares during the period. Roffman Miller Associates Inc. PA’s holdings in Adobe were worth $18,849,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Swedbank AB increased its holdings in shares of Adobe by 0.3% in the third quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after purchasing an additional 3,739 shares during the period. Arkadios Wealth Advisors raised its position in Adobe by 10.7% in the third quarter. Arkadios Wealth Advisors now owns 2,619 shares of the software company’s stock worth $1,356,000 after acquiring an additional 254 shares in the last quarter. Consolidated Portfolio Review Corp increased its position in shares of Adobe by 5.7% in the third quarter. Consolidated Portfolio Review Corp now owns 651 shares of the software company’s stock valued at $337,000 after buying an additional 35 shares in the last quarter. Modera Wealth Management LLC increased its position in shares of Adobe by 2.7% in the third quarter. Modera Wealth Management LLC now owns 20,746 shares of the software company’s stock valued at $10,742,000 after buying an additional 549 shares in the last quarter. Finally, Mattern Capital Management LLC increased its position in shares of Adobe by 10.9% in the third quarter. Mattern Capital Management LLC now owns 1,312 shares of the software company’s stock valued at $679,000 after buying an additional 129 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ADBE. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and decreased their price objective for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. Citigroup decreased their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. Redburn Atlantic started coverage on Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating on the stock. Piper Sandler reduced their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Finally, DA Davidson dropped their target price on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $570.88.

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the transaction, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Amy Banse sold 606 shares of the business’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock valued at $2,525,126 over the last three months. Company insiders own 0.15% of the company’s stock.

Adobe Trading Down 2.3 %

NASDAQ:ADBE opened at $444.32 on Monday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $587.75. The business has a 50 day simple moving average of $440.46 and a 200 day simple moving average of $493.88. The firm has a market capitalization of $193.41 billion, a P/E ratio of 35.83, a P/E/G ratio of 2.20 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.52 EPS. Equities research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

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.