Randolph Co Inc Sells 584 Shares of Adobe Inc. (NASDAQ:ADBE)

Randolph Co Inc reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.7% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 33,362 shares of the software company’s stock after selling 584 shares during the quarter. Adobe accounts for about 1.5% of Randolph Co Inc’s investment portfolio, making the stock its 27th biggest holding. Randolph Co Inc’s holdings in Adobe were worth $12,795,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Sepio Capital LP grew its position in Adobe by 2.3% during the fourth quarter. Sepio Capital LP now owns 993 shares of the software company’s stock valued at $442,000 after buying an additional 22 shares during the period. Cadence Bank grew its position in Adobe by 0.5% during the fourth quarter. Cadence Bank now owns 4,883 shares of the software company’s stock valued at $2,171,000 after buying an additional 22 shares during the period. Eagle Strategies LLC grew its position in Adobe by 1.5% during the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock valued at $651,000 after buying an additional 22 shares during the period. RB Capital Management LLC grew its position in Adobe by 0.4% during the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company’s stock valued at $2,198,000 after buying an additional 22 shares during the period. Finally, Orin Green Financial LLC grew its position in Adobe by 3.8% during the fourth quarter. Orin Green Financial LLC now owns 621 shares of the software company’s stock valued at $276,000 after buying an additional 23 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The shares were bought at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.16% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ADBE. JPMorgan Chase & Co. cut their target price on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. BMO Capital Markets lowered their price target on shares of Adobe from $495.00 to $450.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Piper Sandler lowered their price target on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. Citigroup lifted their price target on shares of Adobe from $430.00 to $465.00 and gave the company a “neutral” rating in a report on Tuesday. Finally, Stifel Nicolaus lowered their price target on shares of Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a report on Thursday, March 13th. Nine equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $503.33.

Adobe Price Performance

ADBE stock opened at $413.68 on Friday. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The company’s fifty day moving average price is $385.73 and its 200-day moving average price is $422.64. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The company has a market capitalization of $176.31 billion, a PE ratio of 33.36, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping 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 firm had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the previous year, the firm earned $4.48 earnings per share. On average, equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.