Delta Financial Advisors LLC Raises Position in Adobe Inc. (NASDAQ:ADBE)

Delta Financial Advisors LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 6.9% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,192 shares of the software company’s stock after buying an additional 77 shares during the quarter. Delta Financial Advisors LLC’s holdings in Adobe were worth $662,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Strategic Financial Concepts LLC acquired a new position in shares of Adobe during the second quarter worth $40,417,000. Umpqua Bank increased its stake in Adobe by 13.8% during the 2nd quarter. Umpqua Bank now owns 2,939 shares of the software company’s stock worth $1,633,000 after buying an additional 356 shares during the period. Oxbow Advisors LLC lifted its holdings in Adobe by 8.5% in the 2nd quarter. Oxbow Advisors LLC now owns 21,655 shares of the software company’s stock worth $12,030,000 after buying an additional 1,690 shares in the last quarter. Motiv8 Investments LLC boosted its position in Adobe by 47.2% in the 2nd quarter. Motiv8 Investments LLC now owns 1,469 shares of the software company’s stock valued at $816,000 after buying an additional 471 shares during the last quarter. Finally, Torray Investment Partners LLC grew its stake in shares of Adobe by 0.5% during the second quarter. Torray Investment Partners LLC now owns 13,371 shares of the software company’s stock valued at $7,428,000 after acquiring an additional 61 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $563.41 on Friday. The stock has a market cap of $249.82 billion, a P/E ratio of 50.62, a P/E/G ratio of 3.00 and a beta of 1.30. The firm’s 50-day simple moving average is $553.72 and its 200 day simple moving average is $519.22. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28.

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

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the sale, the chief accounting officer now directly owns 2,740 shares in the company, valued at approximately $1,439,897.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of recent analyst reports. Melius lowered Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective for the company. in a research note on Monday, June 10th. Stifel Nicolaus raised their price target on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday. Mizuho reaffirmed a “buy” rating and issued a $640.00 price target (down from $680.00) on shares of Adobe in a report on Friday, June 7th. StockNews.com lowered shares of Adobe from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Finally, Piper Sandler cut their target price on shares of Adobe from $700.00 to $635.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average target price of $605.52.

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.