Broderick Brian C Has $2.07 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Broderick Brian C raised its position in Adobe Inc. (NASDAQ:ADBE) by 103.9% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 4,103 shares of the software company’s stock after acquiring an additional 2,091 shares during the period. Broderick Brian C’s holdings in Adobe were worth $2,070,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Tradewinds Capital Management LLC grew its stake in Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares during the period. Salomon & Ludwin LLC boosted its position in shares of Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after buying an additional 45 shares during the last quarter. Wetzel Investment Advisors Inc. purchased a new position in shares of Adobe during the fourth quarter valued at approximately $35,000. Steph & Co. boosted its position in shares of Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares during the last quarter. Finally, Vima LLC purchased a new position in shares of Adobe during the fourth quarter valued at approximately $55,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

NASDAQ ADBE traded down $6.92 during trading on Thursday, reaching $557.63. The company’s stock had a trading volume of 3,189,218 shares, compared to its average volume of 3,534,196. The stock has a market capitalization of $247.25 billion, a PE ratio of 50.10, a P/E/G ratio of 3.00 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The firm has a fifty day moving average of $502.24 and a 200 day moving average of $533.39. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the company earned $3.04 EPS. Analysts expect that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Adobe declared that its board has initiated a stock repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other 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 transaction of $45,120.00. Following the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 directly owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, the insider now owns 33,609 shares in the company, valued at $15,829,839. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,270 shares of company stock worth $15,165,916. 0.15% of the stock is currently owned by insiders.

Analysts Set New Price Targets

ADBE has been the topic of several analyst reports. Barclays lifted their target price on Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a report on Thursday, July 4th. TheStreet lowered Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Finally, Mizuho reiterated a “buy” rating and set a $640.00 price target (down from $680.00) on shares of Adobe in a report on Friday, June 7th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $607.67.

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.