Radnor Capital Management LLC Makes New Investment in Adobe Inc. (NASDAQ:ADBE)

Radnor Capital Management LLC bought a new stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 4,727 shares of the software company's stock, valued at approximately $1,813,000.

Several other hedge funds and other institutional investors have also made changes to their positions in ADBE. Pines Wealth Management LLC grew its holdings in Adobe by 16.1% during the first quarter. Pines Wealth Management LLC now owns 2,197 shares of the software company's stock worth $843,000 after acquiring an additional 305 shares during the period. Eagle Rock Investment Company LLC grew its stake in Adobe by 2.1% during the first quarter. Eagle Rock Investment Company LLC now owns 17,985 shares of the software company's stock worth $6,898,000 after buying an additional 372 shares during the period. Procyon Advisors LLC increased its holdings in Adobe by 17.0% in the 1st quarter. Procyon Advisors LLC now owns 6,699 shares of the software company's stock valued at $2,569,000 after purchasing an additional 972 shares in the last quarter. Davis Capital Management lifted its position in Adobe by 23.0% during the 1st quarter. Davis Capital Management now owns 3,567 shares of the software company's stock worth $1,368,000 after acquiring an additional 666 shares in the last quarter. Finally, Unique Wealth LLC boosted its stake in shares of Adobe by 27.0% in the first quarter. Unique Wealth LLC now owns 4,971 shares of the software company's stock valued at $1,907,000 after purchasing an additional 1,058 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Trading Up 0.4%

ADBE traded up $1.72 during trading on Friday, hitting $416.92. 2,143,071 shares of the stock were exchanged, compared to its average volume of 3,409,490. 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 firm has a market cap of $177.69 billion, a price-to-earnings ratio of 33.62, a P/E/G ratio of 2.15 and a beta of 1.55. The firm has a 50 day simple moving average of $381.41 and a 200 day simple moving average of $424.72. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75.

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. The firm had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the previous year, the business earned $4.48 EPS. As a group, equities analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on ADBE shares. BMO Capital Markets cut their target price on Adobe from $495.00 to $450.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. DA Davidson lowered their target price on Adobe from $600.00 to $450.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Bank of America lowered their price objective on Adobe from $605.00 to $528.00 and set a "buy" rating on the stock in a report on Thursday, March 13th. Redburn Atlantic began coverage on Adobe in a report on Wednesday, February 19th. They issued a "neutral" rating on the stock. Finally, Summit Redstone set a $410.00 price target on Adobe in a research note on Wednesday, March 19th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Adobe presently has a consensus rating of "Moderate Buy" and a consensus target price of $502.88.

Insider Activity at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of the stock in a transaction on 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 purchase, the chief financial officer now owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. 0.16% of the stock is currently owned by corporate insiders.

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.