Delta Investment Management LLC Takes $295,000 Position in Adobe Inc. (NASDAQ:ADBE)

Delta Investment Management LLC purchased a new stake in Adobe Inc. (NASDAQ:ADBE) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 494 shares of the software company’s stock, valued at approximately $295,000.

Other large investors have also modified their holdings of the company. HBC Financial Services PLLC acquired a new position in Adobe during the 3rd quarter worth about $25,000. Global Wealth Strategies & Associates lifted its stake in Adobe by 57.6% during the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after acquiring an additional 19 shares in the last quarter. Wetzel Investment Advisors Inc. acquired a new position in Adobe during the 4th quarter worth about $35,000. BluePath Capital Management LLC acquired a new position in Adobe during the 3rd quarter worth about $39,000. Finally, Hanseatic Management Services Inc. acquired a new position in Adobe during the 3rd quarter worth about $45,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

Adobe stock traded up $4.12 during mid-day trading on Friday, reaching $477.56. 2,460,261 shares of the company were exchanged, compared to its average volume of 2,815,745. Adobe Inc. has a twelve month low of $331.89 and a twelve month high of $638.25. The firm’s 50-day simple moving average is $515.34 and its two-hundred day simple moving average is $564.33. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market cap of $213.95 billion, a PE ratio of 45.66, a price-to-earnings-growth ratio of 2.56 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.38 by $0.10. The business had revenue of $5.18 billion during 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% compared to the same quarter last year. During the same period last year, the firm earned $2.97 EPS. Equities analysts predict that Adobe Inc. will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has authorized a stock repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

ADBE has been the topic of several recent research reports. Piper Sandler Companies cut their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Oppenheimer restated an “outperform” rating and set a $660.00 price target on shares of Adobe in a report on Wednesday, March 27th. Mizuho restated a “buy” rating and set a $680.00 price target on shares of Adobe in a report on Wednesday, March 27th. HSBC cut their price target on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a report on Friday, March 15th. Finally, DA Davidson restated a “buy” rating and set a $685.00 price target on shares of Adobe in a report on Thursday, March 28th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Insider Activity

In other 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 value of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, 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 completion of the transaction, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. Insiders sold 293 shares of company stock valued at $137,656 in the last three months. 0.15% of the stock is currently owned by company insiders.

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.