Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Philadelphia Trust Co.

Philadelphia Trust Co. raised its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 54.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 22,531 shares of the software company's stock after buying an additional 7,915 shares during the period. Philadelphia Trust Co.'s holdings in Adobe were worth $10,019,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in ADBE. 1ST Source Bank lifted its stake in Adobe by 0.7% in the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company's stock valued at $1,496,000 after buying an additional 20 shares in the last quarter. Sepio Capital LP grew its stake in shares of Adobe by 2.3% during the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock valued at $442,000 after buying an additional 22 shares during the period. Foster Group Inc. lifted its stake in shares of Adobe by 4.6% in the 4th quarter. Foster Group Inc. now owns 526 shares of the software company's stock valued at $234,000 after purchasing an additional 23 shares in the last quarter. Atlantic Edge Private Wealth Management LLC lifted its holdings in shares of Adobe by 0.4% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company's stock valued at $2,404,000 after acquiring an additional 23 shares in the last quarter. Finally, Veery Capital LLC boosted its position in shares of Adobe by 1.9% in the fourth quarter. Veery Capital LLC now owns 1,315 shares of the software company's stock worth $585,000 after buying an additional 24 shares during the period. Institutional investors own 81.79% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on ADBE shares. Summit Redstone set a $410.00 target price on Adobe in a research note on Wednesday, March 19th. Redburn Atlantic began coverage on Adobe in a research note on Wednesday, February 19th. They issued a "neutral" rating on the stock. Evercore ISI decreased their price objective on Adobe from $650.00 to $550.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Royal Bank of Canada lowered their target price on shares of Adobe from $530.00 to $480.00 and set an "outperform" rating on the stock in a research note on Monday. Finally, Jefferies Financial Group reduced their price objective on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Adobe currently has a consensus rating of "Moderate Buy" and an average price target of $513.27.

Insider Activity

In other news, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the transaction, the executive vice president now directly owns 22,153 shares in the company, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value 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 approximately $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by company insiders.

Adobe Stock Down 0.2 %

Shares of ADBE stock traded down $0.61 during mid-day trading on Wednesday, reaching $349.77. 1,720,776 shares of the company's stock traded hands, compared to its average volume of 3,391,353. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The company's 50-day moving average price is $409.57 and its 200-day moving average price is $453.41. The company has a market cap of $149.07 billion, a P/E ratio of 28.21, a P/E/G ratio of 2.15 and a beta of 1.49. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the previous year, the company posted $4.48 EPS. On average, equities analysts expect that Adobe Inc. will post 16.65 earnings per share 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.