Sanibel Captiva Trust Company Inc. Invests $21.53 Million in Adobe Inc. (NASDAQ:ADBE)

Sanibel Captiva Trust Company Inc. acquired a new stake in Adobe Inc. (NASDAQ:ADBE) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 36,092 shares of the software company’s stock, valued at approximately $21,532,000.

Several other hedge funds have also added to or reduced their stakes in ADBE. Barlow Wealth Partners Inc. acquired a new position in Adobe during the 4th quarter worth about $16,700,000. Federated Hermes Inc. boosted its stake in shares of Adobe by 22.6% in the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after purchasing an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC increased its position in shares of Adobe by 9.6% during the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after buying an additional 184 shares during the period. Vise Technologies Inc. raised its stake in Adobe by 267.3% during the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after buying an additional 5,654 shares during the last quarter. Finally, Naviter Wealth LLC lifted its holdings in Adobe by 39.7% in the fourth quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock valued at $2,089,000 after buying an additional 996 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated 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 directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,006 shares of company stock valued at $1,424,432. Insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ ADBE traded up $67.05 during trading hours on Friday, reaching $525.79. 8,884,677 shares of the stock traded hands, compared to its average volume of 3,447,854. The company’s 50-day simple moving average is $473.83 and its two-hundred day simple moving average is $541.85. The company has a market capitalization of $235.55 billion, a P/E ratio of 50.09, a price-to-earnings-growth ratio of 2.49 and a beta of 1.27. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The business had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period last year, the business earned $3.04 earnings per share. Equities research analysts forecast that Adobe Inc. will post 14.55 EPS for the current year.

Adobe announced that its Board of Directors has authorized a share repurchase plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on ADBE shares. JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $570.00 to $580.00 in a research note on Friday. Wells Fargo & Company boosted their price target on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research note on Friday. Robert W. Baird raised their price objective on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research report on Friday. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Finally, Melius Research restated a “hold” rating and issued a $510.00 price target on shares of Adobe in a report on Monday. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $604.35.

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.