Rodgers Brothers Inc. Raises Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Rodgers Brothers Inc. grew its position in Adobe Inc. (NASDAQ:ADBE) by 34.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,590 shares of the software company’s stock after acquiring an additional 1,440 shares during the quarter. Rodgers Brothers Inc.’s holdings in Adobe were worth $2,486,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of ADBE. State Street Corp raised its holdings in shares of Adobe by 1.2% in the third quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock valued at $10,495,544,000 after buying an additional 234,909 shares during the last quarter. Geode Capital Management LLC raised its stake in Adobe by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock valued at $5,435,377,000 after acquiring an additional 147,981 shares during the last quarter. Norges Bank acquired a new stake in Adobe during the 4th quarter worth approximately $2,553,035,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Adobe by 3.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,808,909 shares of the software company’s stock valued at $1,249,066,000 after purchasing an additional 92,458 shares during the period. Finally, Franklin Resources Inc. grew its position in Adobe by 7.3% in the 3rd quarter. Franklin Resources Inc. now owns 2,424,024 shares of the software company’s stock valued at $1,235,157,000 after buying an additional 163,983 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In related news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This represents a 11.06 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Daniel Durn acquired 1,300 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the purchase, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 5,075 shares of company stock valued at $2,191,826. Insiders own 0.16% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on ADBE shares. Redburn Atlantic started coverage on shares of Adobe in a report on Wednesday, February 19th. They issued a “neutral” rating on the stock. Mizuho reduced their price target on Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Morgan Stanley dropped their price objective on Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $475.00 target price (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Finally, Wells Fargo & Company reduced their price objective on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research note on Friday, March 7th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $533.85.

Adobe Stock Down 2.6 %

Shares of NASDAQ ADBE opened at $385.71 on Monday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe Inc. has a 1 year low of $374.50 and a 1 year high of $587.75. The stock’s 50-day simple moving average is $431.81 and its 200-day simple moving average is $468.92. The firm has a market cap of $164.39 billion, a price-to-earnings ratio of 31.11, a PEG ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the prior year, the business posted $4.48 EPS. As a group, equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.