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

Rodgers Brothers Inc. increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 34.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 5,590 shares of the software company’s stock after purchasing 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 quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of ADBE. Legacy Investment Solutions LLC purchased a new stake in shares of Adobe in the third quarter valued at $26,000. Groupama Asset Managment lifted its stake in Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after purchasing an additional 11,522 shares during the last quarter. True Wealth Design LLC boosted its position in shares of Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 34 shares during the period. Decker Retirement Planning Inc. bought a new position in shares of Adobe during the fourth quarter valued at approximately $31,000. Finally, Summit Securities Group LLC purchased a new stake in shares of Adobe in the fourth quarter worth approximately $31,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 2.6 %

Shares of ADBE opened at $385.71 on Monday. The company’s 50-day simple moving average is $431.81 and its 200-day simple moving average is $468.92. 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 Inc. has a 1 year low of $374.50 and a 1 year high of $587.75. The stock has a market capitalization of $164.39 billion, a PE ratio of 31.11, a P/E/G ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last issued its quarterly 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. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter last year, the company posted $4.48 EPS. Analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction 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 owns 2,685 shares in the company, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on ADBE shares. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 price objective (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Citigroup lowered their target price on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research note on Monday, March 10th. BMO Capital Markets reduced their price target on shares of Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. TD Cowen cut shares of Adobe from a “buy” rating to a “hold” rating and lowered their price objective for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. Finally, Barclays reduced their target price on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Eleven equities research 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. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $533.85.

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.