Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Roffman Miller Associates Inc. PA

Roffman Miller Associates Inc. PA lifted its position in Adobe Inc. (NASDAQ:ADBE) by 6.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,959 shares of the software company’s stock after purchasing an additional 2,554 shares during the period. Roffman Miller Associates Inc. PA’s holdings in Adobe were worth $20,690,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. Dynamic Advisor Solutions LLC lifted its position in shares of Adobe by 1.3% in the second quarter. Dynamic Advisor Solutions LLC now owns 10,472 shares of the software company’s stock valued at $5,818,000 after acquiring an additional 130 shares in the last quarter. LVW Advisors LLC lifted its holdings in Adobe by 3.0% in the 2nd quarter. LVW Advisors LLC now owns 925 shares of the software company’s stock valued at $514,000 after purchasing an additional 27 shares in the last quarter. M&G Plc grew its holdings in shares of Adobe by 3.4% during the second quarter. M&G Plc now owns 126,992 shares of the software company’s stock worth $70,608,000 after buying an additional 4,191 shares in the last quarter. Burke & Herbert Bank & Trust Co. purchased a new stake in shares of Adobe during the second quarter worth $539,000. Finally, Ameliora Wealth Management Ltd. lifted its stake in shares of Adobe by 2.9% in the second quarter. Ameliora Wealth Management Ltd. now owns 1,121 shares of the software company’s stock worth $623,000 after buying an additional 32 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on ADBE. Sanford C. Bernstein reduced their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Piper Sandler reissued an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Thursday. UBS Group cut their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Oppenheimer reiterated an “outperform” rating and issued a $625.00 target price on shares of Adobe in a report on Friday, September 13th. Finally, Citigroup raised their price target on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $602.08.

Insider Activity

In other Adobe news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the transaction, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock valued at $17,736,369 in the last ninety days. 0.15% of the stock is currently owned by company insiders.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $552.96 on Monday. The stock’s 50-day simple moving average is $504.20 and its 200-day simple moving average is $522.21. The firm has a market capitalization of $243.41 billion, a PE ratio of 46.70, a price-to-earnings-growth ratio of 2.45 and a beta of 1.29. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period last year, the business earned $3.26 EPS. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, equities research analysts forecast that Adobe Inc. will post 14.82 EPS for the current fiscal year.

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.