RDA Financial Network Purchases 623 Shares of Adobe Inc. (NASDAQ:ADBE)

RDA Financial Network boosted its position in Adobe Inc. (NASDAQ:ADBE) by 8.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,874 shares of the software company’s stock after purchasing an additional 623 shares during the quarter. Adobe makes up approximately 1.4% of RDA Financial Network’s investment portfolio, making the stock its 17th largest holding. RDA Financial Network’s holdings in Adobe were worth $3,973,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in ADBE. Morgan Stanley increased its holdings in shares of Adobe by 2.7% during the third quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock valued at $5,288,309,000 after acquiring an additional 277,484 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Adobe by 10.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock valued at $3,876,309,000 after acquiring an additional 590,533 shares in the last quarter. Norges Bank acquired a new position in shares of Adobe during the fourth quarter valued at about $3,277,785,000. Fisher Asset Management LLC increased its holdings in shares of Adobe by 0.4% during the fourth quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock valued at $2,720,548,000 after acquiring an additional 16,379 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Adobe by 2.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,602,297 shares of the software company’s stock worth $1,552,530,000 after buying an additional 66,180 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Adobe Price Performance

NASDAQ ADBE traded up $10.49 during mid-day trading on Friday, hitting $533.44. The stock had a trading volume of 6,614,086 shares, compared to its average volume of 4,373,285. The firm’s 50 day moving average is $478.58 and its 200 day moving average is $537.22. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.05. The stock has a market capitalization of $238.98 billion, a price-to-earnings ratio of 47.93, a PEG ratio of 2.73 and a beta of 1.27.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. During the same period in the prior year, the company earned $3.04 EPS. The firm’s revenue was up 10.2% compared to the same quarter last year. Equities research analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

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

Analyst Ratings Changes

Several equities analysts recently weighed in on ADBE shares. TheStreet downgraded shares of Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Piper Sandler Companies cut their price target on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. UBS Group cut their price target on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Citigroup cut their price target on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a report on Monday, June 10th. Finally, HSBC cut their price target on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $607.67.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Adobe news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. Insiders sold 3,270 shares of company stock valued at $1,563,166 in the last three months. 0.15% of the stock is currently owned by insiders.

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.