Delta Asset Management LLC TN Acquires 885 Shares of Adobe Inc. (NASDAQ:ADBE)

Delta Asset Management LLC TN grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 3.7% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 24,907 shares of the software company’s stock after purchasing an additional 885 shares during the period. Adobe makes up about 1.0% of Delta Asset Management LLC TN’s portfolio, making the stock its 27th biggest position. Delta Asset Management LLC TN’s holdings in Adobe were worth $11,076,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Loomis Sayles & Co. L P lifted its stake in Adobe by 7.2% in the 4th quarter. Loomis Sayles & Co. L P now owns 311,491 shares of the software company’s stock valued at $138,514,000 after purchasing an additional 21,055 shares during the last quarter. NEOS Investment Management LLC lifted its stake in shares of Adobe by 24.1% in the 4th quarter. NEOS Investment Management LLC now owns 56,250 shares of the software company’s stock valued at $25,013,000 after acquiring an additional 10,924 shares during the last quarter. Godshalk Welsh Capital Management Inc. bought a new stake in Adobe during the 4th quarter worth $227,000. Moment Partners LLC bought a new stake in Adobe during the 4th quarter worth $233,000. Finally, Sava Infond d.o.o. acquired a new position in Adobe in the 4th quarter worth about $4,040,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of Adobe stock opened at $397.81 on Thursday. Adobe Inc. has a 52 week low of $374.50 and a 52 week high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The business has a 50 day moving average price of $433.31 and a 200-day moving average price of $472.23. The company has a market cap of $173.21 billion, a PE ratio of 32.08, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same period last year, the business earned $4.48 EPS. Equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ADBE shares. Piper Sandler reduced their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Citigroup decreased their price target on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research report on Monday, March 10th. Sanford C. Bernstein reduced their price objective on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Stifel Nicolaus cut their target price on Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a report on Thursday, March 13th. Finally, KeyCorp upgraded Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Eleven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $533.85.

Insider Buying and Selling at Adobe

In other Adobe news, CFO Daniel Durn bought 1,300 shares of the firm’s stock in a transaction dated Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the transaction, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,075 shares of company stock worth $2,191,826. Insiders own 0.16% of the company’s stock.

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.