Folger Nolan Fleming Douglas Capital Management Inc. Has $8.78 Million Position in Adobe Inc. (NASDAQ:ADBE)

Folger Nolan Fleming Douglas Capital Management Inc. boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 0.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,723 shares of the software company’s stock after acquiring an additional 29 shares during the quarter. Adobe accounts for 1.0% of Folger Nolan Fleming Douglas Capital Management Inc.’s portfolio, making the stock its 28th largest position. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in Adobe were worth $8,784,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. HBC Financial Services PLLC bought a new stake in shares of Adobe during the third quarter worth $25,000. Global Wealth Strategies & Associates grew its holdings in shares of Adobe by 57.6% during the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after purchasing an additional 19 shares during the last quarter. Wetzel Investment Advisors Inc. bought a new stake in shares of Adobe during the fourth quarter worth $35,000. BluePath Capital Management LLC bought a new stake in shares of Adobe during the third quarter worth $39,000. Finally, Hanseatic Management Services Inc. bought a new stake in shares of Adobe during the third quarter worth $45,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Up 0.9 %

Adobe stock traded up $4.12 during midday trading on Friday, reaching $477.56. The stock had a trading volume of 2,460,261 shares, compared to its average volume of 2,815,745. The firm’s fifty day simple moving average is $515.34 and its 200-day simple moving average is $564.33. Adobe Inc. has a 1-year low of $331.89 and a 1-year high of $638.25. The stock has a market capitalization of $213.95 billion, a P/E ratio of 45.66, a price-to-earnings-growth ratio of 2.56 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter last year, the firm earned $2.97 EPS. Adobe’s revenue for the quarter was up 11.3% compared to the same quarter last year. As a group, analysts expect that Adobe Inc. will post 14.55 EPS for the current fiscal year.

Adobe declared that its Board of Directors has approved a stock buyback program on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred 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 sale, the chief accounting officer now 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 SEC, which can be accessed through this link. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. In the last quarter, insiders have sold 293 shares of company stock valued at $137,656. 0.15% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Barclays decreased their target price on Adobe from $700.00 to $630.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. KeyCorp initiated coverage on Adobe in a report on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price target on the stock. Wells Fargo & Company decreased their price target on Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. HSBC decreased their price target on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a report on Friday, March 15th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $660.00 price target on shares of Adobe in a report on Wednesday, March 27th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $620.72.

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.