Adobe Inc. (NASDAQ:ADBE) Position Boosted by Royal Fund Management LLC

Royal Fund Management LLC boosted its position in Adobe Inc. (NASDAQ:ADBE) by 6.9% in the 4th quarter, Holdings Channel reports. The institutional investor owned 4,822 shares of the software company’s stock after buying an additional 311 shares during the period. Royal Fund Management LLC’s holdings in Adobe were worth $2,877,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of ADBE. AJOVista LLC bought a new stake in Adobe during the fourth quarter valued at $221,000. Baxter Bros Inc. raised its stake in Adobe by 6.0% during the fourth quarter. Baxter Bros Inc. now owns 2,256 shares of the software company’s stock worth $1,346,000 after acquiring an additional 128 shares during the period. Provence Wealth Management Group lifted its holdings in Adobe by 42.8% in the fourth quarter. Provence Wealth Management Group now owns 1,601 shares of the software company’s stock worth $955,000 after acquiring an additional 480 shares during the last quarter. Blue Fin Capital Inc. boosted its stake in Adobe by 4.3% in the fourth quarter. Blue Fin Capital Inc. now owns 8,659 shares of the software company’s stock valued at $5,166,000 after acquiring an additional 356 shares during the period. Finally, Legacy Financial Advisors Inc. grew its holdings in shares of Adobe by 8.1% during the fourth quarter. Legacy Financial Advisors Inc. now owns 1,860 shares of the software company’s stock valued at $1,110,000 after purchasing an additional 140 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction dated Tuesday, April 16th. The stock was 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 approximately $1,940,160. The sale was disclosed in a document filed 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 that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value 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 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 transaction of $47,100.00. Following the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders have sold a total of 3,006 shares of company stock valued at $1,424,432 in the last three months. 0.15% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on ADBE. Robert W. Baird cut their price target on Adobe from $590.00 to $525.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Royal Bank of Canada reissued an “outperform” rating and set a $630.00 price target on shares of Adobe in a report on Wednesday, March 27th. Oppenheimer reaffirmed an “outperform” rating and issued a $660.00 price objective on shares of Adobe in a report on Wednesday, March 27th. TD Cowen reduced their target price on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research note on Friday, March 15th. Finally, Bank of America dropped their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Price Performance

Shares of ADBE traded up $9.61 during trading hours on Friday, hitting $486.18. 2,833,186 shares of the company were exchanged, compared to its average volume of 2,940,603. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The company has a market capitalization of $217.81 billion, a PE ratio of 46.48, a PEG ratio of 2.63 and a beta of 1.28. The firm has a fifty day simple moving average of $508.34 and a 200-day simple moving average of $561.74. Adobe Inc. has a one year low of $331.89 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly 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%. Adobe’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter last year, the company posted $2.97 EPS. As a group, sell-side analysts predict that Adobe Inc. will post 14.55 earnings per share for the current year.

Adobe announced that its Board of Directors has approved a stock buyback plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to buy up to 10.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

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.