Selway Asset Management Takes Position in Adobe Inc. (NASDAQ:ADBE)

Selway Asset Management acquired a new stake in Adobe Inc. (NASDAQ:ADBE - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 12,650 shares of the software company's stock, valued at approximately $4,852,000. Adobe makes up about 2.0% of Selway Asset Management's holdings, making the stock its 17th largest holding.

A number of other hedge funds have also recently made changes to their positions in ADBE. Bourgeon Capital Management LLC lifted its holdings in shares of Adobe by 796.7% in the first quarter. Bourgeon Capital Management LLC now owns 17,504 shares of the software company's stock valued at $6,713,000 after purchasing an additional 15,552 shares in the last quarter. RFG Advisory LLC grew its stake in Adobe by 72.9% in the 1st quarter. RFG Advisory LLC now owns 2,702 shares of the software company's stock valued at $1,036,000 after purchasing an additional 1,139 shares during the period. HBW Advisory Services LLC increased its position in shares of Adobe by 19.2% during the 1st quarter. HBW Advisory Services LLC now owns 1,097 shares of the software company's stock valued at $421,000 after purchasing an additional 177 shares during the last quarter. ST Germain D J Co. Inc. lifted its stake in Adobe by 8.2% in the first quarter. ST Germain D J Co. Inc. now owns 4,245 shares of the software company's stock valued at $1,628,000 after purchasing an additional 323 shares during the last quarter. Finally, Merit Financial Group LLC increased its position in Adobe by 67.0% in the first quarter. Merit Financial Group LLC now owns 16,302 shares of the software company's stock worth $6,252,000 after buying an additional 6,539 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Daniel Durn bought 1,300 shares of the business's stock in a transaction dated Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, with a total value of $507,754.00. Following the purchase, 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.16% of the stock is currently owned by insiders.

Adobe Trading Up 0.3%

Shares of ADBE traded up $1.42 during trading hours on Wednesday, hitting $413.91. The company had a trading volume of 1,841,667 shares, compared to its average volume of 3,413,915. The stock's 50 day moving average price is $379.54 and its 200 day moving average price is $426.47. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The firm has a market cap of $176.41 billion, a P/E ratio of 33.38, a P/E/G ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results 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 net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion during the quarter, compared to analysts' expectations of $5.66 billion. During the same quarter in the prior year, the company posted $4.48 EPS. On average, research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Redburn Atlantic assumed coverage on Adobe in a research note on Wednesday, February 19th. They issued a "neutral" rating on the stock. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. UBS Group dropped their price objective on Adobe from $410.00 to $380.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. Mizuho decreased their price target on Adobe from $620.00 to $575.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Finally, Stifel Nicolaus reduced their price target on shares of Adobe from $600.00 to $525.00 and set a "buy" rating for the company in a research report on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $502.88.

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.