Delta Financial Advisors LLC Has $463,000 Holdings in Adobe Inc. (NASDAQ:ADBE)

Delta Financial Advisors LLC cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 38.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,042 shares of the software company’s stock after selling 640 shares during the period. Delta Financial Advisors LLC’s holdings in Adobe were worth $463,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Longbow Finance SA grew its stake in shares of Adobe by 5.0% during the fourth quarter. Longbow Finance SA now owns 14,170 shares of the software company’s stock worth $6,301,000 after purchasing an additional 671 shares during the period. FourThought Financial Partners LLC grew its stake in shares of Adobe by 1.3% during the fourth quarter. FourThought Financial Partners LLC now owns 10,117 shares of the software company’s stock worth $4,499,000 after purchasing an additional 133 shares during the period. Exchange Capital Management Inc. grew its stake in shares of Adobe by 0.5% during the fourth quarter. Exchange Capital Management Inc. now owns 9,357 shares of the software company’s stock worth $4,161,000 after purchasing an additional 42 shares during the period. Keeler Thomas Management LLC grew its stake in shares of Adobe by 2.7% during the fourth quarter. Keeler Thomas Management LLC now owns 6,982 shares of the software company’s stock worth $3,106,000 after purchasing an additional 181 shares during the period. Finally, Hendley & Co. Inc. grew its stake in shares of Adobe by 30.6% during the fourth quarter. Hendley & Co. Inc. now owns 11,678 shares of the software company’s stock worth $5,193,000 after purchasing an additional 2,737 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ADBE has been the subject of a number of research analyst reports. UBS Group decreased their target price on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research note on Friday, January 3rd. BMO Capital Markets decreased their target price on Adobe from $570.00 to $515.00 and set an “outperform” rating for the company in a research note on Wednesday, February 19th. Royal Bank of Canada reissued an “outperform” rating and issued a $590.00 target price on shares of Adobe in a research note on Thursday, February 13th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Finally, TD Cowen cut Adobe from a “buy” rating to a “hold” rating and decreased their target price for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Adobe has an average rating of “Moderate Buy” and an average target price of $570.88.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $443.41 on Wednesday. The stock has a 50 day moving average price of $439.88 and a 200 day moving average price of $492.62. Adobe Inc. has a 52 week low of $403.75 and a 52 week 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. The stock has a market capitalization of $193.02 billion, a PE ratio of 35.76, a price-to-earnings-growth ratio of 2.15 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same period in the prior year, the firm posted $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 fiscal year.

Insider Activity

In other news, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction that occurred on 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 directly owns 2,685 shares of the company’s stock, valued at approximately $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 5,681 shares of company stock valued at $2,525,126 over the last three months. Insiders own 0.15% of the company’s stock.

Adobe 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.