Richardson Financial Services Inc. Makes New Investment in Adobe Inc. (NASDAQ:ADBE)

Richardson Financial Services Inc. bought a new position in Adobe Inc. (NASDAQ:ADBEFree Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 1,714 shares of the software company’s stock, valued at approximately $1,023,000. Adobe accounts for approximately 0.9% of Richardson Financial Services Inc.’s holdings, making the stock its 25th biggest position.

Several other institutional investors have also made changes to their positions in the stock. Wetzel Investment Advisors Inc. acquired a new stake in Adobe in the fourth quarter valued at approximately $35,000. Hanseatic Management Services Inc. acquired a new stake in Adobe in the third quarter valued at approximately $45,000. Vima LLC acquired a new stake in Adobe in the fourth quarter valued at approximately $55,000. Pineridge Advisors LLC acquired a new stake in Adobe in the fourth quarter valued at approximately $60,000. Finally, Scarborough Advisors LLC acquired a new stake in Adobe in the fourth quarter valued at approximately $61,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Adobe

In related news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the sale, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,006 shares of company stock worth $1,424,432. Company insiders own 0.15% of the company’s stock.

Adobe Price Performance

NASDAQ ADBE traded up $66.57 on Friday, hitting $525.31. 14,846,614 shares of the company were exchanged, compared to its average volume of 3,281,535. The firm has a 50 day moving average of $474.63 and a two-hundred day moving average of $540.63. The company has a market cap of $235.34 billion, a P/E ratio of 47.20, a P/E/G ratio of 2.48 and a beta of 1.27. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBEGet Free Report) last released its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 39.98%. The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. During the same period in the prior year, the company posted $3.04 EPS. The company’s revenue was up 10.2% compared to the same quarter last year. On average, equities analysts predict that Adobe Inc. will post 14.55 EPS for the current year.

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

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on ADBE shares. TheStreet cut shares of Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Barclays boosted their price objective on shares of Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday. DA Davidson restated a “buy” rating and issued a $685.00 price objective on shares of Adobe in a research note on Thursday, March 28th. Bank of America reduced their price objective on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $600.00 price objective on shares of Adobe in a research note on Friday. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $604.35.

View Our Latest Analysis on ADBE

Adobe Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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