RPG Investment Advisory LLC Purchases 332 Shares of Adobe Inc. (NASDAQ:ADBE)

RPG Investment Advisory LLC raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,604 shares of the software company’s stock after acquiring an additional 332 shares during the period. RPG Investment Advisory LLC’s holdings in Adobe were worth $10,496,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of ADBE. Connable Office Inc. increased its holdings in Adobe by 0.5% in the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after acquiring an additional 20 shares during the last quarter. 1ST Source Bank boosted its position in shares of Adobe by 0.7% during the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after acquiring an additional 20 shares during the last quarter. James J. Burns & Company LLC boosted its position in shares of Adobe by 5.6% during the 3rd quarter. James J. Burns & Company LLC now owns 415 shares of the software company’s stock valued at $215,000 after acquiring an additional 22 shares during the last quarter. Holistic Financial Partners boosted its position in shares of Adobe by 6.0% during the 3rd quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock valued at $200,000 after acquiring an additional 22 shares during the last quarter. Finally, Latitude Advisors LLC lifted its position in Adobe by 4.3% in the 3rd quarter. Latitude Advisors LLC now owns 555 shares of the software company’s stock worth $287,000 after buying an additional 23 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Performance

Shares of ADBE stock opened at $444.32 on Monday. The stock’s 50-day moving average is $440.46 and its two-hundred day moving average is $493.88. The firm has a market cap of $193.41 billion, a price-to-earnings ratio of 35.83, a PEG ratio of 2.20 and a beta of 1.31. Adobe Inc. has a 1 year low of $403.75 and a 1 year high of $587.75. 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 (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the prior year, the firm earned $3.52 earnings per share. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. Analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction 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 directly owns 22,153 shares in the company, valued at $9,687,063.84. This represents a 4.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Amy Banse sold 606 shares of the company’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock valued at $2,525,126 in the last quarter. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on ADBE shares. UBS Group decreased their price target on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research note on Friday, January 3rd. Jefferies Financial Group reduced their price target on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Mizuho dropped their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Finally, DA Davidson lowered their price target on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $570.88.

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.