Wedgewood Investors Inc. PA Has $544,000 Holdings in Adobe Inc. (NASDAQ:ADBE)

Wedgewood Investors Inc. PA lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 5.2% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 912 shares of the software company’s stock after selling 50 shares during the period. Wedgewood Investors Inc. PA’s holdings in Adobe were worth $544,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. HBC Financial Services PLLC bought a new position in shares of Adobe during the 3rd quarter worth about $25,000. Wetzel Investment Advisors Inc. bought a new stake in shares of Adobe during the fourth quarter worth about $35,000. BluePath Capital Management LLC bought a new stake in shares of Adobe during the third quarter worth about $39,000. Hanseatic Management Services Inc. bought a new stake in shares of Adobe during the third quarter worth about $45,000. Finally, Hoey Investments Inc. increased its position in shares of Adobe by 526.7% during the third quarter. Hoey Investments Inc. now owns 94 shares of the software company’s stock worth $48,000 after acquiring an additional 79 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Trading Up 0.5 %

Adobe stock traded up $2.22 during trading hours on Wednesday, reaching $465.05. The stock had a trading volume of 643,369 shares, compared to its average volume of 3,453,365. The company has a fifty day simple moving average of $512.29 and a 200-day simple moving average of $563.44. Adobe Inc. has a 52 week low of $331.89 and a 52 week high of $638.25. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market cap of $208.34 billion, a PE ratio of 44.25, a PEG ratio of 2.56 and a beta of 1.28.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same period last year, the company posted $2.97 EPS. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. Analysts forecast that Adobe Inc. will post 14.55 EPS for the current fiscal year.

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

Analysts Set New Price Targets

A number of brokerages have issued reports on ADBE. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $630.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. TD Cowen dropped their price target on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research note on Friday, March 15th. Stifel Nicolaus dropped their price target on shares of Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. BNP Paribas cut shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price target on the stock. in a research note on Thursday, January 18th. Finally, BMO Capital Markets restated an “outperform” rating and set a $610.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value 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 filing with the SEC, which is available at the SEC website. In related news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total transaction of $45,435.77. Following 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 293 shares of company stock valued at $137,656. Company insiders own 0.15% of the company’s stock.

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.