Rodgers Brothers Inc. Buys 1,440 Shares of Adobe Inc. (NASDAQ:ADBE)

Rodgers Brothers Inc. raised its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 34.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,590 shares of the software company's stock after buying 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.

Several other large investors have also recently added to or reduced their stakes in ADBE. Nordea Investment Management AB lifted its position in Adobe by 2.0% during the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company's stock worth $765,094,000 after purchasing an additional 33,414 shares during the period. Arizona State Retirement System lifted its holdings in shares of Adobe by 0.4% during the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock worth $56,784,000 after acquiring an additional 570 shares during the period. Jacobs Levy Equity Management Inc. boosted its position in shares of Adobe by 201.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company's stock worth $60,779,000 after acquiring an additional 78,384 shares in the last quarter. Morse Asset Management Inc boosted its position in shares of Adobe by 33.0% during the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company's stock worth $4,411,000 after acquiring an additional 2,113 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Adobe by 1.4% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company's stock valued at $44,090,000 after acquiring an additional 1,326 shares during the last quarter. Institutional investors own 81.79% of the company's stock.

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Adobe Trading Down 3.7 %

ADBE stock traded down $14.22 during midday trading on Thursday, hitting $371.56. The stock had a trading volume of 2,737,245 shares, compared to its average volume of 3,794,182. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market cap of $158.36 billion, a P/E ratio of 29.96, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The business has a fifty day moving average price of $428.78 and a two-hundred day moving average price of $465.84. Adobe Inc. has a 1-year low of $367.77 and a 1-year high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last announced 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 for the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the prior year, the company earned $4.48 EPS. On average, sell-side analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 922 shares of the business's stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the sale, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the company's stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 in the last quarter. 0.16% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have weighed in on ADBE shares. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a report on Thursday, December 12th. Summit Redstone set a $410.00 price objective on Adobe in a research note on Wednesday, March 19th. Oppenheimer decreased their target price on Adobe from $560.00 to $530.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. StockNews.com cut shares of Adobe from a "strong-buy" rating to a "buy" rating in a report on Tuesday, March 4th. Finally, Jefferies Financial Group decreased their price target on shares of Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a report on Monday. Eleven investment 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 company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $531.54.

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.