494 Shares in Adobe Inc. (NASDAQ:ADBE) Acquired by Delta Investment Management LLC

Delta Investment Management LLC acquired a new position in Adobe Inc. (NASDAQ:ADBE) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 494 shares of the software company’s stock, valued at approximately $295,000.

Other institutional investors have also recently bought and sold shares of the company. HBC Financial Services PLLC bought a new position in Adobe in the 3rd quarter worth approximately $25,000. Global Wealth Strategies & Associates raised its position in Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after purchasing an additional 19 shares during the last quarter. Wetzel Investment Advisors Inc. bought a new position in Adobe in the 4th quarter worth approximately $35,000. BluePath Capital Management LLC acquired a new stake in Adobe during the 3rd quarter worth $39,000. Finally, Hanseatic Management Services Inc. acquired a new stake in Adobe during the 3rd quarter worth $45,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded up $4.12 on Friday, reaching $477.56. 2,460,261 shares of the company’s stock were exchanged, compared to its average volume of 2,815,745. The company has a fifty day moving average of $515.34 and a 200-day moving average of $564.33. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25. The company has a market capitalization of $213.95 billion, a price-to-earnings ratio of 45.66, a PEG ratio of 2.56 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.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.38 by $0.10. The business had revenue of $5.18 billion for the quarter, compared to analyst estimates 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 business posted $2.97 EPS. On average, research analysts predict that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe announced that its board has approved a share repurchase program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to purchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

ADBE has been the subject of a number of analyst reports. KeyCorp initiated coverage on shares of Adobe in a report on Thursday, March 21st. They set an “underweight” rating and a $445.00 target price for the company. JPMorgan Chase & Co. lowered their target price on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a report on Friday, March 15th. BMO Capital Markets reaffirmed an “outperform” rating and set a $610.00 target price on shares of Adobe in a report on Wednesday, March 27th. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 target price on shares of Adobe in a report on Wednesday, March 27th. Finally, TheStreet lowered shares of Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Two investment 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 data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Insider Activity

In related news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction 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 completion of the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the firm’s 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 in the company, valued at $15,829,839. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 293 shares of company stock valued at $137,656. Insiders own 0.15% of the company’s stock.

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.