Roberts Wealth Advisors LLC Grows Position in Adobe Inc. (NASDAQ:ADBE)

Roberts Wealth Advisors LLC grew its stake in Adobe Inc. (NASDAQ:ADBE – Get Rating) by 52.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,490 shares of the software company’s stock after purchasing an additional 2,236 shares during the period. Roberts Wealth Advisors LLC’s holdings in Adobe were worth $2,187,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Grayhawk Investment Strategies Inc. purchased a new stake in Adobe in the 2nd quarter worth approximately $25,000. Financial Enhancement Group LLC raised its stake in shares of Adobe by 338.1% during the 3rd quarter. Financial Enhancement Group LLC now owns 92 shares of the software company’s stock worth $25,000 after buying an additional 71 shares during the period. TD Capital Management LLC acquired a new position in shares of Adobe during the 3rd quarter worth approximately $28,000. Western Pacific Wealth Management LP raised its stake in shares of Adobe by 3,550.0% during the 3rd quarter. Western Pacific Wealth Management LP now owns 146 shares of the software company’s stock worth $40,000 after buying an additional 142 shares during the period. Finally, Householder Group Estate & Retirement Specialist LLC acquired a new position in shares of Adobe during the 3rd quarter worth approximately $51,000. Hedge funds and other institutional investors own 79.36% of the company’s stock.

Adobe Trading Up 1.4 %

Adobe stock traded up $4.85 during midday trading on Friday, reaching $358.14. 6,725,352 shares of the stock traded hands, compared to its average volume of 3,046,425. The company has a 50-day simple moving average of $353.24 and a two-hundred day simple moving average of $334.18. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.26. The firm has a market cap of $164.24 billion, a PE ratio of 35.46, a price-to-earnings-growth ratio of 2.08 and a beta of 1.27. Adobe Inc. has a 12-month low of $274.73 and a 12-month high of $473.49.

Adobe (NASDAQ:ADBE – Get Rating) last announced its quarterly earnings data on Wednesday, March 15th. The software company reported $3.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.68 by $0.12. The business had revenue of $4.66 billion during the quarter, compared to analysts’ expectations of $4.62 billion. Adobe had a return on equity of 36.74% and a net margin of 27.01%. The business’s quarterly revenue was up 9.2% compared to the same quarter last year. During the same quarter last year, the business posted $2.84 EPS. Research analysts expect that Adobe Inc. will post 12.15 earnings per share for the current fiscal year.

Insider Activity

In other news, CAO Mark S. Garfield sold 132 shares of Adobe stock in a transaction dated Monday, December 19th. The stock was sold at an average price of $338.00, for a total value of $44,616.00. Following the completion of the transaction, the chief accounting officer now owns 3,271 shares in the company, valued at approximately $1,105,598. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Mark S. Garfield sold 132 shares of the firm’s stock in a transaction dated Monday, December 19th. The stock was sold at an average price of $338.00, for a total transaction of $44,616.00. Following the sale, the chief accounting officer now owns 3,271 shares of the company’s stock, valued at approximately $1,105,598. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Dana Rao sold 5,018 shares of the firm’s stock in a transaction dated Tuesday, December 20th. The stock was sold at an average price of $336.93, for a total value of $1,690,714.74. Following the sale, the executive vice president now directly owns 14,832 shares in the company, valued at approximately $4,997,345.76. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,265 shares of company stock worth $9,067,344. 0.24% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ADBE. Mizuho upped their target price on Adobe from $370.00 to $375.00 in a research note on Thursday. Piper Sandler reissued an “overweight” rating and issued a $415.00 price objective on shares of Adobe in a research note on Thursday. Evercore ISI increased their price objective on Adobe from $350.00 to $425.00 in a research note on Friday, December 16th. JPMorgan Chase & Co. increased their price objective on Adobe from $365.00 to $380.00 and gave the company a “neutral” rating in a research note on Thursday. Finally, Citigroup increased their price objective on Adobe from $337.00 to $355.00 and gave the company a “neutral” rating in a research note on Monday, December 19th. Sixteen research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $415.70.

About Adobe

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Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.