Adobe Inc. (NASDAQ:ADBE) Shares Bought by Valley National Advisers Inc.

Valley National Advisers Inc. grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 29.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 595 shares of the software company’s stock after acquiring an additional 134 shares during the quarter. Valley National Advisers Inc.’s holdings in Adobe were worth $355,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Rockland Trust Co. grew its stake in shares of Adobe by 4.1% in the third quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock valued at $564,000 after buying an additional 44 shares in the last quarter. Mainsail Financial Group LLC grew its stake in shares of Adobe by 9.6% in the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after buying an additional 184 shares in the last quarter. Team Hewins LLC acquired a new stake in Adobe during the 3rd quarter valued at approximately $4,141,000. Guinness Asset Management LTD grew its stake in Adobe by 5.9% during the 3rd quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock valued at $22,734,000 after purchasing an additional 2,499 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC grew its stake in Adobe by 23.9% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 8,992 shares of the software company’s stock valued at $4,585,000 after purchasing an additional 1,732 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ADBE. BNP Paribas lowered Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective for the company. in a research note on Thursday, January 18th. TheStreet lowered Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. DA Davidson reaffirmed a “buy” rating and set a $685.00 target price on shares of Adobe in a report on Thursday, March 28th. Oppenheimer reaffirmed an “outperform” rating and set a $660.00 target price on shares of Adobe in a report on Wednesday, March 27th. Finally, Evercore ISI reaffirmed an “outperform” rating and set a $650.00 target price on shares of Adobe in a report on Wednesday, March 27th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Insider Buying and Selling

In other news, CAO Mark S. Garfield sold 84 shares of the firm’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total value of $49,727.16. Following the completion of the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,400,519.45. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total value of $1,318,346.61. Following the completion of the sale, the executive vice president now owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Mark S. Garfield sold 84 shares of Adobe stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total value of $49,727.16. Following the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,400,519.45. The disclosure for this sale can be found here. Insiders have sold 3,063 shares of company stock worth $1,853,025 in the last three months. 0.15% of the stock is currently owned by insiders.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $484.28 on Tuesday. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $216.96 billion, a price-to-earnings ratio of 46.30, a PEG ratio of 2.63 and a beta of 1.28. The stock’s fifty day simple moving average is $553.25 and its 200 day simple moving average is $568.77. Adobe Inc. has a 52-week low of $331.89 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The business had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period in the previous year, the firm posted $2.97 EPS. As a group, sell-side analysts forecast that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its board has initiated a share repurchase plan on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

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.